Highlights from South Africa's 2016 Budget.
SAA has been suffering losses over the past decade estimated to be over 10 billion rand.
South Africa’s economic turbulence will continue as the country is poised to post just under one percent of economic growth in 2016.
Pravin Gordhan, also mentions the completion of a R7.9 billion capital transfer to the Development bank of Southern Africa.
“We will do what we can to avoid a downgrade,” Gordhan told journalists.
Gordhan assured the business sector and South Africans that he’ll do whatever he can to avoid the country’s economy being downgraded.
“We cannot spend money we do not have. We cannot borrow beyond our ability to repay" - Gordhan.
In his budget speech on Wednesday, South African Minister of Finance, Pravin Gordhan, says the budget deficit will be reduced to 2.4%.
Full version of Finance Minister Pravin Gordhan's speech.
Any action by DMC could trigger similar moves by other mining firms.
Standard Bank last year completed the disposal of its controlling interest in its British unit.
Traders said most trading in the session would likely come after the budget.