FINANCE Minister Pravin Gordhan has made a
clarion call for the country’s political, business and labour leaders to
put the economy and the country before themselves.
Gordhan was speaking at the Gauteng Economic Indaba in Sandton on Wednesday, shortly before the announcement by ratings agency Fitch, which held SA’s sovereign credit rating above junk status and maintained its stable outlook.
• Fitch holds SA’s rating at investment grade
On Friday ratings agency S&P Global Ratings affirmed SA's credit rating but kept its negative outlook. This means that all three ratings agencies, including Moody’s, have kept their assessment of SA above the dreaded junk status — until the next assessments in December.
An upbeat Gordhan, who sat with President Jacob Zuma in a four-hour meeting on Tuesday, said he believed the government had done enough to ensure SA did not get a ratings downgrade, but that the road ahead would be even harder.
He said SA had done the right kind of work with the government, together with labour and business, having shown a united front, to earn it another six months' "breathing space".
"We will have to find a new spirit of collaboration between us. If we are going to overcome the hurdles of the next 18 months," Gordhan said.
Gordhan hinted at the way ahead, saying: "We are going to forget our small differences now and focus on the issues of growth and employment and of course, business generation as well."
He added that the coming few months — ahead of the next round of pronouncements by the ratings agencies in December — would be the truest test for SA to prove itself.
Gordhan also said the country should not rely on individuals but instead needs "resilient, principled institutions" with the right values.
• Economy shrinks 1.2% in first quarter, raising prospect of recession
Gordhan’s cheerfulness on Wednesday belied weeks of stress related to the Hawks probe into his role in the establishment of the "rogue unit" at the South African Revenue Service, where he was commissioner prior to becoming a Cabinet minister in 2009.
It is unclear if came up during Gordhan's meeting with Zuma, but the presidency has come out to say that Zuma is not at war with the Treasury.
• Zuma-Gordhan photos could be another move to quash war talk
Briefing the media after the meeting, presidential spokesman Bongani Ngqulunga said issues of the economy where thoroughly discussed but he would not give any details.
Gordhan refused to answer media questions after his address on Wednesday, saying it was more important that he rush to a Cabinet meeting, which was due to get under way.
Gordhan was speaking at the Gauteng Economic Indaba in Sandton on Wednesday, shortly before the announcement by ratings agency Fitch, which held SA’s sovereign credit rating above junk status and maintained its stable outlook.
• Fitch holds SA’s rating at investment grade
On Friday ratings agency S&P Global Ratings affirmed SA's credit rating but kept its negative outlook. This means that all three ratings agencies, including Moody’s, have kept their assessment of SA above the dreaded junk status — until the next assessments in December.
An upbeat Gordhan, who sat with President Jacob Zuma in a four-hour meeting on Tuesday, said he believed the government had done enough to ensure SA did not get a ratings downgrade, but that the road ahead would be even harder.
He said SA had done the right kind of work with the government, together with labour and business, having shown a united front, to earn it another six months' "breathing space".
"We will have to find a new spirit of collaboration between us. If we are going to overcome the hurdles of the next 18 months," Gordhan said.
Gordhan hinted at the way ahead, saying: "We are going to forget our small differences now and focus on the issues of growth and employment and of course, business generation as well."
He added that the coming few months — ahead of the next round of pronouncements by the ratings agencies in December — would be the truest test for SA to prove itself.
Gordhan also said the country should not rely on individuals but instead needs "resilient, principled institutions" with the right values.
• Economy shrinks 1.2% in first quarter, raising prospect of recession
Gordhan’s cheerfulness on Wednesday belied weeks of stress related to the Hawks probe into his role in the establishment of the "rogue unit" at the South African Revenue Service, where he was commissioner prior to becoming a Cabinet minister in 2009.
It is unclear if came up during Gordhan's meeting with Zuma, but the presidency has come out to say that Zuma is not at war with the Treasury.
• Zuma-Gordhan photos could be another move to quash war talk
Briefing the media after the meeting, presidential spokesman Bongani Ngqulunga said issues of the economy where thoroughly discussed but he would not give any details.
Gordhan refused to answer media questions after his address on Wednesday, saying it was more important that he rush to a Cabinet meeting, which was due to get under way.
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