Mboweni bats away downgrade talk, saying mini-budget does enough

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Mboweni bats away downgrade talk, saying mini-budget does enough

He believes the spending commitments in the medium-term budget are enough to save SA from further ratings downgrades

Executive editor: opinions and analysis

Finance minister Tito believes the spending commitments in the medium-term budget were enough to save SA from further ratings downgrades.

“We are of the view that there’s no need for further downgrades for SA at all. I think we have been punished enough - and during a pandemic, nogal,” he told journalists at a virtual media briefing organised after his speech in parliament on Wednesday.

In May, Moody’s Investors’ Service downgraded the country to junk status as the economy was being pummelled by the lockdown and coronavirus infection rates were increasing...

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