FINANCE MINISTER GIGABA SAYS SOUTH AFRICA’S ECONOMIC SETBACKS ARE TEMPORARY

PRETORIA, South Africa Finance Minister Malusi Gigaba plans to re-assure investors of the country's commitment to fiscal discipline and work to prevent South Africa from suffering a third downgrade, during his multi-city visit to the United States.

He believed the economic setbacks the country had suffered are temporary, he told the media here Wednesday before leaving for Washington D.C. to attend the Spring meetings of the World Bank and International Monetary Front from Friday to Sunday and to embark on a multi-city roadshow to the United States.

This will be his first foreign after since his predecessor, Pravin Gordhan, was removed by President Jacob Zuma, which led to the country's credit rating being downgraded twice to sub-investment grade or junk status.

Gigaba plans to re-assure investors of the country's commitment to fiscal discipline and work to prevent South Africa from suffering a third downgrade from international rating agency Moody's Investor Service but says he can't guarantee that Moody's won't downgrade the country further.

We can't give that guarantee, we can only promise to engage with them and give them the re-assurance as we have been doing with the others. We are confident that the South African economy is resilient enough and robust and that we're going to climb back to investment grade. So, the setbacks that we have suffered thus far in our opinion are temporary setbacks, said Gigaba.

Source: NAM NEWS NETWORK

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