Gigaba claims S&P forewarned him of downgrade in confidence

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:


Recommended

by NEWSROOM AI
Read More
Opinion: The fact of the matter is Gigaba lied, says Redi Tlhabi

Opinion: The fact of the matter is Gigaba lied, says Redi Tlhabi

Finance Min. Malusi Gigaba revealed he knew about S&P's downgrade and Redi Tlhabi says it's a little too late to disclose info.

Moody's playing wait and see game says economist

Moody's playing wait and see game says economist

Economist Azar Jammine says if Zuma steps down today the scenario would dramatically change and may provide a new era of hope.

What happens to economies when downgraded (It doesn't look good for SA)

What happens to economies when downgraded (It doesn't look good for SA)

Standard Bank Chief Economist, Goolam Ballim, says it won't be easy for South Africa to survive the consequences of a downgrade.

Opinion: When did rating agencies start serving political agenda?

Opinion: When did rating agencies start serving political agenda?

Xolani Gwala questions why ANC members supporting Zuma are only raising their concerns about rating agencies now.

Moyane: I have a good relationship with Minister Gigaba

Moyane: I have a good relationship with Minister Gigaba

Sars Commissioner Tom Moyane announced that the revenue service collected R1.14 trillion in tax for the 2016/2017 financial year.

No need to fear downgrade yet - economist

No need to fear downgrade yet - economist

Thabi Leoka comments on how Cabinet reshuffle will affect SA's credit ratings with Moody's review looming.

The battle lines have been drawn  - Karima Brown

The battle lines have been drawn - Karima Brown

Monday will be the first time that ANC leaders meet after the President made sweeping changes to Cabinet.

Gordhan: Ratings agencies could take a dim view on SA

Gordhan: Ratings agencies could take a dim view on SA

Gordhan spoke to Bruce Whitfield on Friday, saying there is a lot of work to be done to inspire confidence in foreign investors.

Pityana: We have the wrong person at the helm

Pityana: We have the wrong person at the helm

Save SA convener Sipho Pityana says South Africa is in trouble.

Gordhan rubbishes intelligence report and is applauded by Treasury staff

Gordhan rubbishes intelligence report and is applauded by Treasury staff

Former Finance Minister addressed media and Treasury staff at a media briefing following them being removed from his post.

WATCH: Axed Finance Minister briefs media post Cabinet reshuffle

WATCH: Axed Finance Minister briefs media post Cabinet reshuffle

President Jacob Zuma has fired Pravin Gordhan

Opinion: Eusebius McKaiser on #Cabinetreshuffle not based on merit

Opinion: Eusebius McKaiser on #Cabinetreshuffle not based on merit

Eusebius McKaiser says Faith Muthambi and Bathabile Dlamini are evidence that the Cabinet reshuffle was not about merit.

'Gigaba and his deputy have zero knowledge of how Treasury works'

'Gigaba and his deputy have zero knowledge of how Treasury works'

Economist, Dr Iraj Abedian, says the changes are the biggest since 1996.

Popular articles
Jonathan Oppenheimer on exactly how the R1bn lifeline for small businesses works

Jonathan Oppenheimer on exactly how the R1bn lifeline for small businesses works

Banks will administer interest-free loans on behalf of the South African Future Trust (SAFT), established by Nicky and Jonathan Oppenheimer.

Number of #COVID19 cases in South Africa now at 1,353, death toll rises to 5

Number of #COVID19 cases in South Africa now at 1,353, death toll rises to 5

This is up from the 1 280 cases recorded on Sunday 29 March.

South Africa Happiness Index records negative feelings amid covid-19 lockdown

South Africa Happiness Index records negative feelings amid covid-19 lockdown

The index acts as a kind of barometer as to how South Africans are feeling at any given time.

[LOCKDOWN] Vosloorus murder case postponed to 8 April

[LOCKDOWN] Vosloorus murder case postponed to 8 April

Eyewitness News reporter Theto Mahlakoana has the full report.

 South African motorists to benefit from the biggest price drop on record

South African motorists to benefit from the biggest price drop on record

Automobile Association spokesperson Layton Beard says it is good news for essential services providers.

#Lockdown: How to assist family members who are addicts, especially alcoholics

#Lockdown: How to assist family members who are addicts, especially alcoholics

Substances disorder specialist Dr Duncan Laurenson shares what you can do if you are in lockdown with an addict.

Academics propose special COVID-19 grant for low-income earners and poor

Academics propose special COVID-19 grant for low-income earners and poor

Wits senior lecturer Lumkile Mondi is one of the academics and he explains exactly what it is they are calling for.

More than 20 cases of misconduct lodged with Ipid, military ombudsman so far

More than 20 cases of misconduct lodged with Ipid, military ombudsman so far

Ipid spokesperson Sontaga Seisa says their services are available and communities should report any form of misconduct.

New screening and testing initiative aimed at fighting COVID-19 underway

New screening and testing initiative aimed at fighting COVID-19 underway

Department of Health deputy director-general Dr Yogan Pillay says fieldworkers have been deployed to townships such as Alexandra.

KZN families rendered homeless despite moratorium on evictions -  Abahlali

KZN families rendered homeless despite moratorium on evictions - Abahlali

The Department of Justice has committed to looking into the matter.