RAMAPHOSA HAILS ROLE OF SOUTH AFRICAN SECTOR IN AVERTING RATINGS DOWNGRADE

Deputy President Cyril Ramaphosa has hailed the roles which different sectors of South African society have played in ensuring that the country averts a downgrade by rating agencies during their recent periodic appraisal.

In his final question-and-answer session for the year at the National Assembly here Wednesday,

Ramaphosa said the country was able to pull through as it was able to demonstrate that it is taking action to stabilise the economy.

The issue of whether or not the ratings agencies were going to downgrade South Africa to junk status weighed heavily on the country in the months before December.

Ramaphosa said the pulling together of different sectors helped put the rating agencies’ minds at ease.

“We should congratulate Treasury, the Minister of Finance and Cabinet members who were involved in this because the rating agencies engaged with Cabinet ministers and various organizations and we congratulate all of them for having put the South African story for the agencies to see and with that we are still investment grade.”

There was also a question on the proposed minimum wage of 3,500 Rand (about 250 US dollars) a month. Ramaphosa said the main aim of setting a minimum wage is to help get millions of workers out of poverty.

The National Union of Metalworkers of South Africa (Numsa) has rejected the proposed minimum wage, claiming the amount is a slap in the face for blue collar workers.

Source: NAM NEWS NETWORK

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