Budget 2023
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SA will rise above any junk rating

A Fin24 user asks whether he as a South African is also reduced to 'junk status' when all he wants is "a safe, secure, bright future for my children".

Responding to Red alert on SA junk status, rand rout, in which economist lraj Abedian warns on the dangers to South Africa's economy should the country be downgraded to junk status after the budget presentation, the user pointed out that rating agencies such as Moody's are unaware of the struggles and frustrations of living in post-apartheid South Africa.

Abedian told the Cape Town Press Club: “If the government’s budget presentation doesn’t convince the rating agencies that government finances are credible… and as a result of that... the country gets downgraded to a junk state… the currency (rand) will be hit like never before".

The Fin24 user who calls himself Airline Captain writes:

I realise the intention of Mr lraj Abedian is to hold government accountable for poor leadership in South Africa in the hope that our finance minister can rescue the rand as a result of notable ratings agencies downgrading South Africa to 'junk status'.

However, beauty is in the eye of the beholder. What has become of our rainbow nation and people as a whole? Does Moody's know anything about me or my family's struggles or frustrations living in a post-apartheid South Africa? Am I as a South African also reduced to 'junk status' when everything in me wants a safe, secure, bright future for my children?

Why do we keep going around the proverbial mountain blaming government, apartheid, the economy, etc without first looking inside ourselves and realising our intrinsic value and potential for turning this great nation around through forgiveness and responsibility?

Which other country around the world can say that they laboured 27 years giving birth to forgiveness and a lasting legacy of freedom, a freedom that has ignited the imagination of the world's entertainment industry and political arenas?

SA a diamond in the rough

While we as a nation are not immune to the global economic and social pressures influencing our country, we are vaccinated against our past if we would just have a little faith in the people around us, to realise the unbelievable freedom and potential we possess to carry this Torch of Tolerance with us until South Africa transforms and is shaped into the Cullinan beauty she is.

I take exception to the fact that we are or could be labelled 'junk status'. Why do we so easily succumb to the world's oppinion of South Africa, when the rest of the world has no idea of the pains and struggles that we continue to face? This is our story, not theirs.

In closing, the finance and economic world praised the appointment of Finance Minister Nhlanhla Nene, and this was evidenced by the positive reflection on the JSE. 

While I am under no illusions as to the economic facts on the table, I also acknowledge the fruitless fact that reciting the obvious 'current day' economic challenges closes the door to future economic growth in South Africa. 

What has happened to your faith and leadership ingenuity, Mr Abedian? Your leadership contributions have shaped the economic landscape in South Africa positively, but I fear that you have lost the Madiba Magic in your heart.

I on the other hand will be called 'ignorant', but tip the budget speech 49/51 in South Africa's favour as I am certainly not a 'good economist' but a Proud South African Citizen who will continue to carry the Torch of Tollerance and forgiveness that my past petitions me to do.

* Send your budget tips to Minister Nhlanhla Nene.

Disclaimer: All articles and letters published in MyBudget have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent those of Fin24.

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