Economists say the decision by ratings agencyS&P already rates South Africa as non-investment grade or so-called ‘junk’.S&P has also warned of further downgrades if the fiscal situation continues to deteriorate.
National Treasury has noted the S&P warnings and says government remains committed to implementing reforms. Chief Economist at Econometrix Azar Jammine says S&P is likely to downgrade South Africa further into junk if government does not implement the necessary economic reforms. “The main reason for this is because the difference between government planned to spend and what it expected to receive in taxes got suddenly much bigger than what we had anticipated partly because of unexpectedly low economic growth, huge bailouts of the SOE’s and the excessive amount being spent on keeping the public servants employed and giving them nice big salary packages.”
“That means that it has had to cut back on other forms of expenditure but basically its own expenditure overall has been far too high.”
Ye right!Till Jesus comes remember 😉
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South Africa U-23 qualify for Tokyo 2020 Olympic Games - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The South African Under 23 football team has booked their place at the Tokyo 2020 Olympic Games after they beat Ghana on penalties 6-5 in the third-place match at the Under 23 Africa Cup of Nations. Who needs Bafana Bafana when we have the under 23? Congratulations! Congratulations Guy's, for job well done, good luck in advance boys.
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