RAMAPHOSA BRIEFS SOUTH AFRICAN PARLIAMENT ON STEPS TO IMPROVE THE ECONOMY

Deputy President Cyril Ramaphosa says efforts to improve South Africa's economic situation are continuing to receive urgent attention from the government and its institutions.

Briefing legislators here Wednesday on various issues facing the nation, including attracting foreign direct investment (FDI) and the looming possible downgrade of the country's credit standing by ratings agencies, he was adamant that the country's ailing economy could still be resuscitated although it is expected to record growth of just 0.5 per cent in 2016.

Economists say at this rate, chances that it can create much-needed jobs are zero but Ramaphosa said the government, in partnership with business and labour, was about to change this situation.

"Work is underway, work is being done, to make sure that the economic and investment prospects of our country are heightened to a much higher level all the time," said Ramaphosa, who also addressed other impediments and risks to economic growth, including getting the State-owned enterprises (SOEs) to function optimally.

"We are confident that the measures that the Cabinet decided on are going to assist in shoring them up. They are also going to assist in making sure that they move more and more out of need for further capital, need for further guarantees as we move on," he explained.

The government is racing against time as rating agencies will be back in South Africa next month, and indications are that they are growing impatient over the lack of progress, especially with regard to reforms of SOEs.

Source: Nam News Network

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