Ramaphosa: Downgrade won’t affect fight against coronavirus
President Cyril Ramaphosa has announced that government is set to deploy 10 000 medical professions to screen and test for coronavirus.
Ramaphosa addressed the nation at the Union Buildings on day four of the national lockdown.
In his address, the president announced the number of confirmed cases has increased 1326.
The number of deaths have risen to three.
The president admitted that the decision by credit ratings agency Moody’s to downgrade the country to ‘junk’ status came at an inopportune time, but said it won’t affect the country’s fight against coronavirus.
“This grave health emergency is happening at a time when our economy is under great strain,” Ramaphosa said.
“As the country went into lockdown, we received the news that the rating agency Moody’s had downgraded South Africa to a sub-investment grade.
“This will significantly increase the cost of borrowing to fund government spending and will have a negative impact on the economy.
“This development will not diminish in any way our response to the coronavirus pandemic.”
Ramaphosa vowed to push ahead with interventions to curb the spread of the disease.
“Within the constraints of the current crisis, we remain committed to implementing structural economic reforms to address weak economic growth, constrained public finances and struggling state-owned enterprises.”