Tag: Jan Friederich
Just last week finance minister Tito Mboweni outlined the emergency budget to nurse South Africa through the Covid-19 crisis. A big part of this budget was a plan for South Africa to get its debt under control within four years. Fitch Ratings, the agency that downgraded South Africa in April doubts whether South Africa can do this. CNBC Africa’s Chris Bishop spoke to Jan Friederich, Senior Director of Fitch Ratings for more.
On Friday ratings agency Fitch downgraded South Africa further into junk status saying government didn’t have a clear plan to stabilise rising debt levels. However, institutions like the IMF say African countries should be allowed to increase debt to GDP ratio’s to contain the economic fallout from Covid19. Should ratings agencies therefore revise their methodology to adapt to Covid19 times? Jan Friederich, Head of Middle East and Africa Sovereign ratings at Fitch joins CNBC Africa for more.
Ratings agency Fitch affirmed its South African outlook as negative. In a note released late yesterday evening, the agency said the outlook reflects uncertainty about government’s ability to manage its high and rising levels of debt and pressure on policy-making. Joining CNBC Africa for more is Jan Friederich, Senior Director and Head of Middle East and Africa Sovereign Ratings at Fitch.
International rating agency Fitch, has suggested that the victory of the ANC in this year’s general elections matches their view that a big economic policy shift is unlikely in South Africa. Jan Friederich, Head of Middle East and Africa Sovereign Ratings, Fitch Ratings joins CNBC Africa for more on Fitch ratings election highlights.