Arab Today, arab today fitch revises south africa outlook to negative
Last Updated : GMT 16:31:37
Arab Today, arab today
Arab Today, arab today

Fitch revises South Africa outlook to negative

Arab Today, arab today

Arab Today, arab today Fitch revises South Africa outlook to negative

Men leave a Cash Loan shop in the South African Platinum hub of Marikana
Johannesburg - AFP

Fitch ratings agency on Friday revised the outlook on South Africa to negative from stable and affirmed its credit rating at 'BBB', near the bottom of the investment-grade scale.
The ratings agency said the outlook revision was partly due to a strike at platinum mines, the country's longest-ever mining stoppages that began in January when workers downed tools.
On Thursday, the world's three top platinum producers -- Anglo American Platinum, Impala Platinum and Lonmin -- said they had "in principle" reached a deal to end the 21-week deadlock over pay.
Fitch said South Africa's outlook for growth had deteriorated after a 0.6-percent contraction in the first quarter of this year, and it revised its 2014 GDP growth forecast down to 1.7 percent from the 2.8 percent that it issued during the last country review in December 2013.
The agency said that the government "faces a challenging task to raise the country's growth rate and improve social conditions, which has been made more difficult by the weaker growth performance and deteriorating trends in governance and corruption."
"This will require an acceleration of structural reforms," it said.
The agency also voiced concern over President Jacob Zuma's new cabinet, appointed after general elections last month returned his African National Congress to power and secured him a second term in office.
"In Fitch's view, the track record of some key ministerial appointments and shortcomings in administrative capacity mean this is subject to downside risks."
The country's Treasury noted that the government is aware of the "challenges South Africa faces."
It said the government has "prioritised" an ambitious National Development Plan which will kickstart the economy and reduce poverty by 2030, notably through major infrastructure projects.
The programme was approved in 2012, but implementation has been piecemeal in the face of fierce opposition of left-leaning government allies, which brand it too neoliberal.
The mining strike helped push the economy into its first contraction since the global economic crisis five years ago in the first quarter of this year, raising the spectre of recession.
South Africa holds around 80 percent of the world's known platinum reserves, and platinum group metals raked in 9.0 percent of export earnings last year.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fitch revises south africa outlook to negative Arab Today, arab today fitch revises south africa outlook to negative

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets

GMT 19:32 2017 Saturday ,25 March

US Stocks Close Mixed

GMT 19:19 2017 Saturday ,25 March

Gold Prices Rise on Wednesday

GMT 19:07 2017 Saturday ,25 March

US Stocks Close Mostly Lower

GMT 13:39 2017 Saturday ,25 March

US stocks end mixed as House pulls health-care bill
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday