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Gordhan reassures SA after UK, US roadshow

2016-03-14 13:10

Finance Minister Pravin Gordhan has reassured South Africa after an investor roadshow to London and the US amid efforts to stabilise the economy.

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Last Updated at 05:17
14 Mar 15:20
And that is the end of the briefing.

14 Mar 15:20
Gordhan: We hope that our optimism has infected you as well.

14 Mar 15:20
Gordhan: We have many things going for us in South Africa. I think more of us need to appreciate that and communicate that.

14 Mar 15:16

14 Mar 15:15

14 Mar 15:14
Jabu Mabuza: We'll get more pain if we get downgraded.

14 Mar 15:11

Gordhan: I'm afraid those front page articles were very misleading. But interestingly, that was the second letter that was leaked...

14 Mar 15:10
Gordhan: Now what was upsetting about the Independent newspapers yesterday is that the journalist wrote about a new letter. But the letter that she was writing about was 3rd of March.

14 Mar 15:08

Gordhan: What's our plan if we get downgraded?

Get upgraded, he quips...

But he adds "We don't want to end up there as a country".

14 Mar 15:07
Gordhan: Labour was with us for one and a half days. Nobody ran out of the room because they saw labour.

14 Mar 15:06
Gordhan: We are not the worst off in the world... there are many countries that are in a worse position than ourselves.

14 Mar 15:05
Gordhan talking about tapering debt to GDP ratio to less to 50%.

14 Mar 15:05
Gordhan: We do have the ability and the willingness to pay.

14 Mar 15:04
Deputy Finance Minister Mcebisi Jonas not present at press briefing.

14 Mar 15:03
Gordhan: On the downgrade, one thing we must clarify is that Moody's has us two notches above sub-investment grade.

14 Mar 15:01

14 Mar 14:58
eNCA journalist asks question around Hawks questions to Gordhan and Treasury's related statement earlier today.

14 Mar 14:56

14 Mar 14:56

14 Mar 14:54

14 Mar 14:51

14 Mar 14:51

14 Mar 14:51

14 Mar 14:50

14 Mar 14:49

14 Mar 14:46
Gordhan on Deputy Minister Jonas: I have no personal knowledge of this, so there's nothing I can tell you.

14 Mar 14:45
Gordhan on Tom Moyane and company (Sars): Often you guys get it wrong, Moyane is not a minister. He's the head of an administration. There's no equality between a minister and a head of administration.

14 Mar 14:45
Gordhan: 9/12 was raised by many. It's a phenomenon that we mustn't think stayed within the borders of South Africa.

14 Mar 14:44

14 Mar 14:43
According to Treasury, the next few months are critical as SA is expected to demonstrate concrete actions to map a path for higher economic growth as it seeks to preserve its investment grade rating and also demonstrate progress to address poverty, unemployment and inequality.

14 Mar 14:43

Treasury response to Sunday Times’ front page story:

The National Treasury would like to refute a Sunday Times report that any of its senior officials were the source of its story that insinuates that the Deputy Secretary General of the African National Congress Ms Jessie Duarte, offered the Deputy Minister of Finance Mr Mcebisi Jonas, the finance minister position.

It is concerning that the Sunday Times regularly relies on unnamed sources and faceless people to spread rumours and give credence to their stories. This is an issue we have raised previously with the publication to no avail. We challenge the Sunday Times to back up their claim and provide proof of such a source.Should such proof be provided, appropriate action against such officials will be taken.

14 Mar 14:41
Journalist from Sunday Times asking a question about labour reform issues on the roadshow.

14 Mar 14:41
Gordhan: If we do find out that somebody crossed the line, we'll deal with that

14 Mar 14:40
Gordhan: We know nothing about that

14 Mar 14:40
Journalist Steven Grootes asks: Whether the Gupta family, Duarte offered Jonas the position as finance minister?

14 Mar 14:39
To add some spice, says Gordhan, one of the ratings agencies wanted to set up a review meeting for immediately after the budget, they cancelled the meeting, wait until June.

14 Mar 14:39

According to a statement by Treasury, meetings were held with over 250 investors, some with significant exposure to SA. Among the issues raised by the investors were:

- Risks to the fiscal risks and strain in balance sheets of state-owned companies;

- recent developments on sovereign credit ratings;

- slow economic growth;

- issues relating to business and investment confidence;

- regulatory clarity, labour and monetary policy;

- the political environment.

14 Mar 14:38

Gordhan's delegation met with investors who collectively manage several trillions of dollar assets, split between those who are invested in local companies and those who buy the debt issued by government.

These are some of the investors SA owes in excess of R600bn (gross debt is currently around R2trn) - Treasury said in a statement issued at the media briefing.

14 Mar 14:38
Gordhan: We are indeed a resilient country. But South Africans need to be aware that the visit commencing by Moody's later this week...we need to be aware as South Africans that we need to provide very concrete evidence over the next few months that we're not just talking.

14 Mar 14:37
Journalists say Gordhan looks exhausted...

14 Mar 14:37
Gordhan: Regulatory clarity is increasingly key for SA...they still have confidence that as a leadership team we have the ability and resources to put our economy on a higher road to growth.

14 Mar 14:35
Gordhan: The world is watching SA carefully

14 Mar 14:35

14 Mar 14:34
Gordhan talking about generating ideas to spur on concrete economic growth...need for SA to win back credibility in the international market.

14 Mar 14:34

Gordhan: We as South Africa - government, labour and business - have to take responsibility for our own economy.

14 Mar 14:33
National Treasury said in a statement issued at the media briefing that the purpose of the roadshow was to engage with international investors after the tabling of Budget 2016 and also provide updates on the latest economic developments in SA and plans for the medium term.

14 Mar 14:33
Gordhan: The question of business confidence in our economy was raised as well

14 Mar 14:32
"The ideal state that we want to get to over a few years time is that these companies operate on the own strength of their balance sheet," says Gordhan of state-owned enterprises.

14 Mar 14:32
Gordhan: Clearly the second area of risk is growth, where are you going to get economic growth...we were able to address those questions.

14 Mar 14:31

Gordhan: As a country we've shown a big degree of fiscal discipline over the past 20 years

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