Budget could buy SA time to avoid ratings downgrade: Barclays
Barclays Africa group says it hopes Finance Minister Pravin Gordhan's tight budget will buy SA some time to avoid a ratings downgrade.
The Barclays Africa Group addressed the media on Tuesday where they confirmed that Barclays PLC will sell its 62 percent stake in Absa.
Maria Ramos stressed that the decision by Barclays PLC to sell its share was not based on South Africa's bleak economic outlook, but rather regulatory obligations in the United Kingdom.
Ramos also confirmed that the Africa group has been in talks with government on finding solutions the country's economic woes.
She applauded Minister Gordhan for tabling a courageous budget, but warned that the proof would be in the pudding.
"The real challenge now, and it's not a challenge just for the Treasury - I think it's a challenge for government, is on the execution side. I certainly hope that what the ratings agencies will do is give the minister and the Treasury and the country some leeway - and by that I mean some time - to prove that the execution is being done," she said.
Edited by Marius van der Walt