Gigaba: Government working hard to address economic woes
Finance Minister Malusi Gigaba says difficult decisions will have to be made to get the country's economy back on track.
Gigaba was responding to the decision by Moody's to downgrade the country's credit rating to one notch above junk status.
Gigaba says Treasury will have to make tough decisions ahead of the mid-term budget speech.
"The fact of the matter is that we are in a difficult situation.
"We are going to make hard decisions which may require that we look at the possibility of further cuts in government programmes and spending in a manner that will reduce wastage, but make financing available for social expenditure and economic investments."
South Africa's economy is in a technical recession after contracting by 0.7% in the first quarter of the year.
Gigaba says they will be meeting with the various stakeholders to address the economic challenges faced by the country.
"We have met with the business sector such and will meet with the manufacturing sector later today so that we find a way to get the economy back on track."