Newly appointed Finance Minister, Malusi Gigaba addressed the media on Tuesday morning.
Gia Nicolaides, EWN Reporter, says the media were alerted on the morning of the briefing of an official handover between former Finance Minister, Pravin Gordhan and Gigaba.
The alert that i got said that Malusi Gigaba would then address us.— Gia Nicolaides, EWN Reporter
We didn't see Pravin Gordhan whatsoever.— Gia Nicolaides, EWN Reporter
Nicolaides says Gigaba confirmed his knowledge of the Standard & Poor's downgrade already on Friday.
He said S&P had told him this in confidence, he couldn't prepare South Africa in anyway.— Gia Nicolaides, EWN Reporter
S & P has actually indicated that the change in Ccabinet is one of the biggest reasons they downgraded South Africa.— Gia Nicolaides, EWN Reporter
Gigaba told the media it is Treasury that has to withstand the changes going forward.
For Finance Minister Malusi Gigaba's plans, listen to the audio: