Finance Minister Tito Mboweni has warned of dire consequences if there are no "deep economic reforms", saying failure to implement any changes could lead to junk status.
In a series of tweets on Friday morning Mboweni had this to say:
If you cannot effect deep structural economic reforms, then game over! Stay as you are and you are down graded to Junck Status!! The consequences are dire. Your choice. Yep!! Askies!!— Tito Mboweni (@tito_mboweni) January 10, 2020
What are critical Economic Strategic Reforms? Read the National Treasury now Government Document! Let us move Forward! Many Steps at the same Time!! Movement!! No time for procrastinating!!— Tito Mboweni (@tito_mboweni) January 10, 2020
Econometrix chief economist Dr Azar Jammine says Mboweni may be preparing himself for a bunfight at the African National Congress (ANC) birthday celebrations and again at the national general council meeting later this year.
Essentially, National Treasury has put forward a plan on how to get us out of our economic mess but that plan is receiving a lot of opposition from within the ANC, from ideological opponents but probably also political opponents of President Ramaphosa and his team.— Dr Azar Jammine, Chief economist - Econometrix
Jammine says if the economy is not transformed appropriately then the country will have no alternative but to slide into a long-term recession.
Our fiscal situation will deteriorate further and further.— Dr Azar Jammine, Chief economist - Econometrix
Click on the link below to hear more...