Gigaba set to address media on state of SA economy

Finance Minister Malusi Gigaba is set to hold a media conference later on Monday morning to highlight the way forward following the announcement of a technical recession and the latest downgrade from ratings agency Moody's.

The agency downgraded South Africa one notch to BAA3 – one notch above sub investment grade.

READ: Gigaba needs credible team before convincing business and labour - economists

Moody’s placed South Africa on review for a downgrade in April after then Finance Minister Pravin Gordhan and his deputy were sacked.

Earlier this month, rating agencies S&P Global reaffirmed their sub investment grade at BB+.

Political analyst Karima Brown says this is only one of the many issues Gigaba is expected to address.

We hoping that the Finance Minister is going to chart the way forward, he has got a very tough situation on his hands, the biggest of course is the credibility and that of the deputy finance minister Sfiso Buthelezi. Both of them could potentially be charged with criminal activities linked to state owned institutions and both of them central to allegations coming out of the Gupta leaks.

Karima Brown, Political analyst

Malusi Gigaba spoke at the Black Management Forum on Friday and he attacked the black middle class there saying that all they do is complain. Last week when revelations were coming out he said there is absolutely nothing wrong with state owned enterprises, that there occasional lapses in government and I think that those are going to be his credibility issues.

Karima Brown, Political analyst

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