Government policy on prudent fiscal discipline and stringent fiscal consolidation as outlined in the 2017-18 budget will remain unchanged, Communications Minister Ayanda Dlodlo emphasised on Friday.
The minister briefed the media on the outcome of the Cabinet meeting held on April 26, the first after President Jacob Zuma’s reshuffle.
No discussion of the reshuffle took place and as Finance Minister Malusi Gigaba was not present at the meeting, there was also no discussion of SA to junk status, Dlodlo said.
She reiterated the government’s commitment to bolster the economy, which she said was "reaffirmed during the successful engagement" between Gigaba and the global finance community during his visit to the US to attend the spring meetings of the International Monetary Fund and the World Bank. He had also interacted with domestic investors.
Dlodlo cited a number of studies ranking SA amongst the top investment destinations in Africa and the world.
AT Kearney’s 2017 foreign direct investment confidence report placed SA 25th in the global rankings of most attractive destinations for foreign direct investment.
This ranking, Dlodlo said, showed SA’s strategic partnership with foreign investors was "gaining momentum and further demonstrates that our country’s bluepint on development is yielding results. Improvements in short-term economic prospects and the long-term investment in the country’s manufacturing sector have been cited as some of the key drivers of SA’s improved rating on the index," the minister said.
Dlodlo also referred to the Africa Investment Index 2016 by Quantum Global, which ranked SA as the fourth most attractive investment destination in Africa, after Botswana, Morocco and Egypt.
She said SA’s attractiveness as an investment destination was also highlighted in the African Economic Outlook 2016 report, which placed SA fourth among investment destinations in Africa in 2015.
SA was ranked 47th out of 138 countries in the World Economic Forum’s global competitiveness report for 2016-17.
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