PHOTO: Behind the scenes as Gordhan & Co ready for budget

Cape Town - Finance Minister Pravin Gordhan and his team at National Treasury were late last night still preparing for possibly one of the most crucial mid-term budgets ever delivered amid fears of a ratings downgrade and as the minister's role hangs in the balance ahead of his November 2 court appearance on controversial charges of fraud.

South Africa could see its investment grade rating downgraded to junk status by Standard & Poor's on December 2 as the agency warned early this year that political strife could affect its rating.

Gordhan will deliver his mini budget amid an exceptionally difficult economic environment — declining tax revenues and an economy that has reached a standstill.

All eyes will be on Gordhan to see if he comes up with a solution to at least partly fund university education amid violent student protests and put ratings agencies at ease about South Africa’s ability to maintain fiscal prudence.

Gordhan has amassed tremendous support from politicians, the business community and ordinary South Africans who rallied behind the beleaguered finance minister after the head of the National Prosecuting Authority (NPA), Shaun Abrahams, announced that Gordhan has been ordered to appear before court on a charge related to the early retirement of former deputy commissioner Ivan Pillay.

The announcement sent shock waves through South Africa’s business community and civil society, with the rand plummeting on the announcement. Legal experts have also questioned the strength of the NPA’s case amid allegations of political interference.

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