'SA economy is burning, Zuma must go' | Fin24
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'SA economy is burning, Zuma must go'

Apr 07 2017 18:10

Cape Town - The downgrade by Fitch Ratings is proudly brought to South Africa by President Jacob Zuma and it is yet another damning indictment, opposition parties say.

On Friday Fitch Ratings lowered both South Africa’s foreign and local currency credit ratings to “junk status”. The DA said this is a "devastating blow" to our economy and a sign that confidence in Zuma has reached rock-bottom.

"Zuma has sabotaged our economy, and the hopes of millions of South Africans, to benefit himself, his family and the Guptas. It is the poor who will suffer the most, as there will be less money available for basic services, and jobs will be shed," said DA leader Mmusi Maimane in a statement.

"There is only one way to get rid of Zuma. Parliament must vote him out."

Maimane called upon the ANC caucus in Parliament to reconsider their decision to vote for Zuma in the Motion of No Confidence in 11 days’ time.

The DA reiterated that downgrade to “junk status” of both our foreign and rand-denominated ratings, will have a severe impact on our country.

"The ability of our treasury to compensate our budget deficit, through the issuance of bonds, is now placed at risk. Foreign investors are now likely to also steer away from South Africa, at a time when we need investment to create jobs."

The IFP said this downgrade adds fuel to a burning economy. The party said it had repeatedly, in the face of the threat of downgrades, warned Zuma against reckless, ill-informed and irresponsible decisions around economic matters.

"The chickens have come home to roost. Mr Zuma simply does not get it," said IFP spokesperson on finance Mkhuleko Hlengwa.

"The economy is not an instrument to settle petty factional and political scores within the ANC; and every time Mr Zuma ventures down this avenue it is South Africans that suffers."
He said South Africans must not give up the struggle for good, clean, transparent and trustworthy governance.

"If the ANC cannot remove Mr Zuma then an active citizenry must do so because ultimately it is the citizenry which is suffering under the Zuma regime."
Hlengwa said the economy and the future of the country can ill-afford the continuation of having Zuma in office.
"On the 18th of April parliamentarians must act in the best interests of South Africa and vote Mr Zuma out to avert further damage to our economy."

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