Arab Today, arab today south africa avoids moody\s downgrade
Last Updated : GMT 21:34:07
Arab Today, arab today
Arab Today, arab today

South Africa avoids Moody\'s downgrade

Arab Today, arab today

Arab Today, arab today South Africa avoids Moody\'s downgrade

Johannesburg - AFP

Ratings agency Moody\'s maintained South Africa\'s Baa1 sovereign debt rating on Thursday, praising a crimp on public spending and the possibility of a negotiated end to mining sector turmoil. Moody\'s said Africa\'s largest economy had shown \"renewed commitment to spending restraint\" in its last two budget statements, helping reach a government target to steady debt at about 50 percent of output. \"At these levels, South Africa\'s debt would remain comparable to that of its peers,\" Moody\'s said With the South African economy on the rocks and reform efforts stalled, some had predicted Moody\'s would issue a downgrade. Moody\'s welcomed a tacit agreement between the mining companies, unions and the government this month to stabilise unrest in the economy\'s key mining sector. Months of deadly industry-wide strikes in the last year have curbed production. \"Already this year strikes have been of relatively shorter duration, with violence mostly being contained,\" Moody\'s said. But the agency kept its outlook negative because of weak production prospects in mining, the country\'s single largest employer. Falling gold and platinum prices have hit the already struggling sector hard. The continental powerhouse is struggling under high inflation and slow growth which is likely to come in at a lower than expected 2.4 percent this year. Its central bank was due to announce its latest monetary policy decision on Thursday after holding interest rates steady in May amid the economy\'s \"deteriorating outlook\". South Africa\'s treasury lauded Moody\'s verdict as \"a sign of confidence in our macroeconomic policy strategies\".

arabstoday
arabstoday

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 south africa avoids moody\s downgrade Arab Today, arab today south africa avoids moody\s downgrade

 



Arab Today, arab today

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 south africa avoids moody\s downgrade Arab Today, arab today south africa avoids moody\s downgrade

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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