Treasury: economy on way to recovery.

JOHANNESBURG - The national Treasury yesterday embarked on charm offensive to assure global rating agencies that South Africa was on the road to recovery.

The Treasury’s technical team engaged officials from Fitch and Moody’s to inform them of the prudent measures announced by Finance Minister Malusi Gigaba in the widely accepted budget speech on Wednesday.

Treasury’s spokesperson Mayihlome Tshwete said officials from Fitch and Moody’s - which put the country on review for a downgrade in November - quizzed the Treasury about the Budget Gigaba tabled this week.

Tshwete said the Treasury told the agencies that South Africa was stabilising debt and dealing with issues of governance.

He said the country’s business confidence was also improving.

By Dineo Faku.

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