Why JZ’s State of the Nation Address is more vital than Pravin’s Budget Speech

The Money Show’s Bruce Whitfield interviewed Peter Attard Montalto, Emerging Markets Economist at Nomura.

Montalto considers the State of the Nation Address (SONA) by President Zuma on 11 February as more important than the Budget Speech on 24 February.

He expects a broadly left-leaning speech in terms of policy specifics outside “National Treasury areas”, but then a concerted and conservative segment on fiscal consolidation, possible hints at tax increases, parastatal management and investments.

Montalto expects no major surprise policies or any major growth-boosting policies to reassure rating agencies – despite rhetoric about doing everything to secure the rating.

Scroll down for quotes from the audio below.

Ratings agencies are worried about the lack of growth and reforms. They will closely watch Sona.

Peter Attard Montalto, Emerging Markets Economist at Nomura

The core fiscal issues – addressed by the Budget - is not the problem.

Peter Attard Montalto, Emerging Markets Economist at Nomura

It’s going to be a challenging Sona to watch and disentangle.

Peter Attard Montalto, Emerging Markets Economist at Nomura

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