When Moody’s gives your budget two thumbs down, they only try to help; and naturally, you’d expect the Finance Minister to promptly return to the drawing board... unless running the country’s economy into the ground is cause for celebration.
From an IOL article, with the headline "Moody's concerned about Mboweni's Budget speech" By ANA Reporter:
CAPE TOWN - Moody's ratings agency on Friday warned that the economic forecasts contained in finance minister Tito Mboweni's 2020 budget had been rendered uncertain by the liabilities placed on the state by stricken parastatals and the labour movement's reaction to public wage bill reductions.
"Uncertainty regarding the success of negotiations with the country's unions and potential contingent liabilities from state-owned enterprises mean risks to budget forecasts are elevated," Moody's said.
It also noted that while Mboweni conceded that revenue would remain low, partly because of weak economic growth, he elected not to raise tax.
"As a result fiscal deficits will remain wide," it noted.
After secession we’ll take ALL of the assets and NONE of the debt. So why wouldn’t you give your mandate at www.ulacongress.com, for a new country? Without the old crap!
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