The African National Congress is starting its “dispute resolution process” in a bid to address the a.
MOODY'S upgrading of South Africa's foreign currency rating to A3 shows understanding that the government is committed to a "very sound approach" to fiscal policy, Finance Minister Pravin Gordhan said yesterday.
Gordhan said government would ensure policy consistency but that the economic crisis, which has left South Africa in recession, might require "extraordinary responses".
Moody's yesterday unified South Africa's local and foreign currency ratings at A3, by upgrading its Baa1 foreign currency rating and lowering its A2 local currency rating.
Moody's said the upgrade of the government's foreign currency rating reflected the build-up in official foreign currency reserves and a net foreign asset position in the banking system, achieved despite large current account deficits in recent years.
Gordhan said the ratings outcome indicated an understanding of how South Africa has sought to mitigate the impact of a slowdown. - Reuters