GOVERNMENT has noted the recent Fitch Ratings announcement to change South Africa’s rating from stable to negative, as well as Moody’s Investor Service’s decision to keep South Africa’s ratings unchanged.
Government Communication and Information System (GCIS) acting Director General Donald Liphoko said in a statement on Saturday the South African economy has demonstrated its resilience in the midst of challenges.
“We have noted the concerns raise by Fitch Ratings and Moody’s Investor Service and government reassures all stakeholders that it remains committed to achieving the priority of faster, more inclusive growth and employment in order to increase the economic growth trajectory.”
He said South Africa has sound monetary and fiscal institutions and the country’s fiscal consolidation plans will reduce the budget deficit to 2.4 percent by 2018/19.
Liphoko said the ratings’ review affirms the importance of government and all sectors of society working together as a collective to turn the economy around.
“Citizens can play their part by increasing their savings and avoiding debt, especially as we head towards the festive season. Working together, our efforts will make our economy stronger,” he said.
