Nene says budget may not stave off downgrades

South Africa's incoming Finance Minister Nhlanhla Nene said on Tuesday that the budget tabled last week by outgoing minister Malusi Gigaba, which featured the first VAT hike in over two decades, might not prevent more credit ratings downgrades. Nene was asked during a radio interview whether the budget would stave off downgrades that could make it more costly for South Africa to borrow.