Finance Minister of South Africa Faces a Major Task as he Presents the Budget
Pravin Gordhan, the Minister of Finance of South Africa faces an increasingly difficult task as he is expected to present the national budget and help the country with a turnaround plan.
Investments are dwindling and money is flowing out of the country at very fast rate with plunging Rand. The rate of unemployment has reached its highest in the list of about forty developing countries that are tracked by Bloomberg. To add to the troubles, drought is pushing food costs to higher levels.
The country is struggling to keep its credit rating at, investment grade, which it earned in 2000.
Significant drop in commodities prices including metals and mining has added to the woes as they contribute to greater than fifty percent of the country's exports.
Gordhan as well as President Jacob Zuma, identifies the challenges which face the country and in the last few months had held meetings with the heads of some of the leading companies to ask for their advice and suggestions on ways how to perk up the troubled economy. In February, the rand partly recovered its losses against the dollar, gaining 4.2 percent.
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