POLITICS

Gigaba Backtracks On State Of Economy Press Briefing

Backtracking on the press briefing seems counterproductive to that goal.

12/06/2017 11:13 SAST | Updated 12/06/2017 11:34 SAST
Waldo Swiegers/Bloomberg via Getty Images

Finance Minister Malusi Gigaba on Monday shelved an important press briefing scheduled for midday because he was summoned to a meeting with ANC bigwigs.

Gigaba was set to discuss the future of South Africa's economy after the Moody's rating agency cut the country's credit rating by one notch last week.

Treasury was adamant that its urgent priority is reigniting confidence as well as reclaiming and maintaining the investment grade ratings.

In a statement on Friday last week, after the downgrade, Gigaba said his department was committed to improving investor and consumer confidence through fast-tracking the implementation of the structural reforms on economic growth.

Backtracking on the press briefing seems counterproductive to that goal.

Gigaba is also due to meet with the Economic Cluster on Tuesday with the objective of developing a comprehensive response programme to the economic challenges. If developing a comprehensive response program is still on the cards, the question remains as to what Gigaba was planning to tell South Africans on Monday.