South Africa’s Finance Minister Pravin Gordhan Meets Ratings Agencies

Pravin Gordhan, South Africa's Finance Minister is meeting with several ratings agencies in an effort to show the world that, leaders from all sectors in the country are determined to spark a flare of growth.

Gordhan said, the investors were satisfied with South Africa's ability and eagerness to pay back its debts. He said that the main focus was surrounded around discussion regarding growth of the country.

He said, "Growth is the big concern ratings agencies have among us and if we can show that leaders across the board identify our problems in a similar way and are committed to the solutions, we can make interesting progress."

Leaders had assembled for spring gathering of the International Monetary Fund, World Bank and G20 in Washington.

He said that subject of structural reform was a central focus of discussions as the realization concerns were raised that monetary and fiscal policy were imminently reaching their limits of effectiveness in elevating the global economy from its sluggishness that mainly resulted from the post-recession era.

The major reforms that were relevant to South Africa were that of state-owned enterprises (SOE). However, last week's spat between Gordhan and Denel, the state arms maker did very little to convince the overseas observers that the unity of purpose which the finance minister spoke about has really happened.