South Africa to outline ‘decisive’ policy in 2018 after ratings cut

JOHANNESBURG (Reuters) – South Africa will use its annual budget next year to outline “decisive” policy to strengthen its fiscal framework, the finance ministry said on Saturday after S&P Global Ratings cut its local currency debt to “junk” status.

“The 2018 Budget will outline decisive and specific policy measures to strengthen the fiscal framework,” the finance ministry said in a statement, without giving more detail.

S&P announced the downgrade on Friday, citing a further deterioration in the country’s economic outlook and public finances, and Moody’s placed South Africa on review for a downgrade.

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