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JOHANNESBURG, Nov 25 (Reuters) - South Africa will use its annual budget next year to outline “decisive” policy to strengthen its fiscal framework, the finance ministry said on Saturday after S&P Global Ratings cut its local currency debt to “junk” status.
“The 2018 Budget will outline decisive and specific policy measures to strengthen the fiscal framework,” the finance ministry said in a statement, without giving more detail.
S&P announced the downgrade on Friday, citing a further deterioration in the country’s economic outlook and public finances, and Moody’s placed South Africa on review for a downgrade. (Reporting by TJ Strydom; editing by Alexander Smith)