PRETORIA--The National Treasury says the South African government should continue to work diligently on practical steps to provide the necessary policy certainty.
It said this in a statement issued here Monday after international credit rating agency Moody's Investor Service decided Friday to maintain the country's investment grade rating and kept South Africa's local and foreign currency debt ratings at Baa3.
Moody's also revised the outlook for the local economy from negative to stable.
Deputy Finance Minister Mondli Gungubele said South Africa will now work on improving investment prospects.
The new President (Cyril Ramaphosa), the confidence he has sent, the team he has put together and then the relationship between South African business community, civil society, labour in terms of ensuring that we are all hands on working together to sustain an environment, that ensures that we create an investor-friendly environment, added Gungubele.
Business Leadership South Africa (BLSA), an independent association whose members include the leaders of some of South Africa's biggest and most well-known organizations, described Moody's decision as a mark of greater of confidence in the country.
The Chamber of Mines of South Africa said the mining industry remained committed to playing its part in working with the government and other stakeholders to building the nation.
BLSA communications director Themba Maseko said: It's time for us to actually press on and deal with all the issues that have led to the downgrading to almost junk status of our country, dealing with corruption, State capture but most importantly bringing about policy certainty in the market, addressing issues where there's been huge disputes between government and for example the mining sector around the Mining Charter.
Source: NAM NEWS NETWORK