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Gordhan squeezed in talks with ratings agencies

Mar 28 2017 14:30

Cape Town - Finance Minister Pravin Gordhan said he met with three ratings agencies, including 50 investors before he left the UK.

President Jacob Zuma instructed Gordhan to immediately return from a post-Budget investor roadshow in the UK and US.

Gordhan will be fired, according to sources who said that Zuma informed the South African Communist Party about his decision. This will damage the economy with ratings decisions expected as soon as Friday, analysts have warned.

Gordhan said while in London, he and his delegation met with about 50 investors who invest in SA bonds and who have “great faith” in the economy, he told the SABC.  

He added that he also met with three ratings agencies.

"We also met the ratings agencies, two of them face-to-face and one through a teleconference, and gave them assurances about the economy," said Gordhan.  

"I answered their questions about the post-budget developments - and all of that is to make sure that we keep South Africa's good name going and that people outside see our economy in a positive light."

Treasury director general Lungisa Fuzile echoed this when speaking to News24. He said the call was with S&P ratings.

When asked about if there has been clarity about why they had to return to South Africa, Fuzile said: "Not yet"

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