https://www.engineeringnews.co.za
Africa|Energy|Eskom|Freight|Logistics|Power|Transnet|Water
Africa|Energy|Eskom|Freight|Logistics|Power|Transnet|Water
africa|energy|eskom|freight|logistics|power|transnet|water

South Africa says reform agenda in progress after Fitch affirms ratings

13th September 2024

By: Reuters

  

Font size: - +

South Africa's National Treasury said on Friday its plan to reduce expenditure and raise revenue, while implementing critical reforms, was in progress after credit rating agency Fitch affirmed its debt rating at "BB-" with a stable outlook.

Fitch said that key drivers affecting its decision to keep South Africa below investment grade include the country's high debt-to-GDP ratio, low growth and high levels of inequality.

The ratings agency said that the formation of a government of national unity (GNU) after the May. 29 general elections lowers short term uncertainty and that the reform programme could contribute to modestly increasing real GDP growth.

Fitch acknowledged the marked improvement in power utility Eskom's performance this year, but highlighted that ongoing challenges at state logistics group Transnet continue to constrain growth.

South Africa's National Treasury said in response that the government would continue to implement 'Operation Vulindlela', a programme aimed at accelerating reforms in network industries.

"Extensive reforms in energy, freight, water, and telecommunications are also in progress," it said in a statement.

The Treasury also said that fiscal consolidation efforts would continue and further steps to reduce borrowing over the medium term were being taken.

Edited by Reuters

Comments

 

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 08 November 2024
Magazine round up | 08 November 2024
8th November 2024
Value-adding titanium dioxide pigment under development
Value-adding titanium dioxide pigment under development
6th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.154 0.205s - 272pq - 2rq
Subscribe Now