Downgrade a setback but no need for worry – Gigaba

Finance Minister Malusi Gigaba on Tuesday said the decision by S&P Global to cut South Africa’s sovereign credit rating to junk status was a setback but there was no need for despondency regarding the matter. “We acknowledge that yesterday’s announcement was a setback. Despite our current challenges, now is not a time for despondency. We have many strengths that we can leverage to grow our economy inclusively. We will act decisively as government in collaboration with all economic and social partners,” Gigaba said addressing journalists in Pretoria.