Tito Mboweni, ANC heavyweight Enoch Godongwana, has the tough task of stabilising a pandemic-hit fiscus and clawing back investment after the country’s credit rating was downgraded again.
, has the tough task of stabilising a pandemic-hit fiscus and clawing back investment after the country’s credit rating was downgraded again.
Fitch said its decision was based on high and rising government debt — exacerbated by Covid-19’s economic shock — as well as hurdles to the treasury’s fiscal consolidation efforts. In May, Fitch affirmed its BB- rating, three notches below investment grade. Parks said Mboweni needed to do more to stimulate the economy before and after the pandemic. “Besides the, there hasn’t been much from the fiscus to cushion the economy and society. That is a huge problem … There are huge disappointments and we think [the] treasury could have done a lot more.”
“And to stick to his guns of continuously punting the need for fiscal consolidation in the medium term, I think that is quite admirable, especially in an environment where you have a lot of pressure coming onto the budget.” Fitch’s head of Middle East and Africa sovereign ratings, Jan Friederich, said the agency did not expect Godongwana to go against the treasury’s fiscal consolidation programme.
Of Godongwana, Parks said the trade union federation’s stance was not to comment on individual personalities. “But we will give all the ministers the benefit of the doubt. They’ve just been appointed so we want to give them some space to find their feet.”
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