July 7, 2020 / 1:14 PM / a month ago

South Africa has bad record on keeping budget promises - Fitch

JOHANNESBURG, July 7 (Reuters) - South Africa has a poor track record of implementing debt and spending reductions plans, ratings firm Fitch said on Tuesday, adding that consolidation plans announced in last months supplementary would be difficult to implement due to low growth.

“They have had previous plans to achieve a primary balance which would have required smaller adjustments, and those have been abandoned. So the track record of following up on such plans isn’t really there,” said Fitch’s head of Africa sovereign ratings Jan Friederich during a webinar.

Reporting by Mfuneko Toyana; Editing by Emma Rumney

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