DURBAN – Nedbank Group chief executive Mike Brown has issued a strong warning to the government stating that the country is fast running out of both time and money, and urgently needs structural reforms to stem economic and fiscal deterioration.
“While there were some positive developments post the South African national general elections in May, progress on structural reforms and policy certainty remained far too slow,” Brown said. He said if the country failed to institute structural reforms to stem the economic and fiscal deterioration, job losses and more downgrades could follow in the future.
Nedbank chief operating officer Mfundo Nkuhlu said the ratings downgrade did not come as a surprise. He added that although the group had reported a 2.6 percent growth in headline earnings, Nedbank expected to perform better in the second half.
busrep Only if the government was listening
busrep The banks should lend money to people to stimulate economic growth and activities. Pancho Hajane
busrep You are preaching to those who WILL NOT HEAR Sir !!
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