- South Africans are not happy with the news that Moody's and Fitch have downgraded the country's economy
- The news broke this weekend and people are demanding that the government takes meaningful action
- Citizens took to social media to post their reactions and vent their frustrations at the dire state of the economy
South Africa's dire financial situation is not set to change any time soon with both Moody's and Fitch opting to downgrade the nation's credit rating.
Moody's opted to reduce the nation's credit rating to BA2 with a negative outlook announced.
Moody's explained that the expected weakening of the fiscal position provided for implementation risks despite a strategy to improve things.
South Africans have taken to social media to react to the recent ratings downgrade:
"@MYANC Must TAKE RESPONSIBILITY! Moody’s and Fitch both lower SA’s ratings further into junk."
"The downgrades by Moody’s and Fitch are a legacy of the 9 wasted years of Jacob Zuma. Just like Ramaphosa is fixing our institutions, he will fix our credit ratings from the various agencies. People don’t realize the devastating effect the 9 wasted years had on our economy."
"Moody’s and Fitch both lower SA’s ratings further into junk. The agencies warned of rising debt levels. The agencies also cited the economic shock from #Covid19."
"Some good news though S&P chose to keep SA's sovereign credit rating assessment unchanged."
Earlier, Briefly.co.za reported that Finance Minister Tito Mboweni is back with another meal post. This time he served himself some mielies. 'Chef Mboweni' shared an image of devoured mielie on a plate and cooked in the leaves.
Although there weren't any typical mielie spices such as salt or Aromat visible in the image, many tweeps believe that Mboweni had added his special ingredient - garlic - for flavour. Minister Mboweni shared the picture of his dinner to Twitter last night.
His post already gained over 1 500 likes on the social networking site and once again, the replies section is full of hilarious jokes.
In other news, Minister of Finance Tito Mboweni said on social media that the state needs to have stricter measures in place. He shared a story about how a man from the township Alexandra called him aside during a meeting telling him that they needed to do better.
Mboweni shared what the man said to him on his Twitter account: "Babu Mboweni, tighten the state hand. It is a bit soft and nice. Squeeze! Let everybody feel the presence of state power and force."
The Minister of Finance said that he agrees with the old man.
"We are too nice!" he added.
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