Special Cabinet meeting on economy called off

Today’s special Cabinet meeting to discuss South Africa’s crippled economy has been postponed until next year. 

The meeting was scheduled to take place in Pretoria, but the presidency said in a statement this morning that a decision was taken to hold it after the festive season. 

No reasons were given for the decision. 

The agenda would have probably included the fiasco over the finance minister, which placed South Africa’s struggling economy under more pressure. 

Another major concern was South Africa’s credit rating. 

Fitch and Standard & Poor’s lowered South Africa’s rating to just one level above junk status and Moody’s changed the country’s outlook from “stable” to “negative”. 

Minister in the Presidency Jeff Radebe last week told the media that ministers were “very concerned” about the “severe economic climate”. 

The presidency said the special Cabinet meeting would now take place before the lekgotla in January. 

The government’s nine-point plan for the economy is on the agenda for that meeting. 

The plan focuses on issues including agriculture, energy challenges, the labour market, small businesses and private sector investment.