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Business Report writes that Cosatu said on Tuesday it was worried about S&P Global's decision to downgrade SA’s investment status to ‘junk’ as this would affect crucial spending across the economy.
Speaking following its special central executive committee meeting on Monday, the labour federation indicated that its concern related to the fact that the government owed more than R2.2 trillion to lenders, which was more than 50.7% of the national income. It was also worried that the government was paying R160 billion in interest, which was close to the amount paid out in social grants. Cosatu's Bheki Ntshalintshali expressed disapproval of the reasons given by S&P for the downgrade and indicated that Cosatu viewed the points about political uncertainty “as interference in our domestic political affairs." He went on to say: "We also hold responsible and culpable the President Jacob Zuma because it is his inattentive and negligent leadership and disruptive actions that have emboldened these agencies to interfere in this country's political affairs."
- Read this report by Zintle Mahlati in full at Business Report
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