# South Africa’s Zuma calls for action after S&P downgrade, rand up on Moody’s reprieve | CNBC Africa

> President Jacob Zuma directed the finance minister to finalize proposals for 25 billion rand in expenditure cuts and 15 billion rand in revenue measures, including tax increases. The statement also called for free higher education to be implemented in a fiscally sustainable manner. The move followed S&P's downgrade and Moody's review.

- Date: 2017-11-27 · published 2017-11-27T12:00:00.000Z
- Category: policy · region South Africa · magnitude medium
- Page: https://feedsoft.ai/events/68287-south-africa-s-zuma-calls-for-action-after-s-and-p-downgrade-rand-up-on-moody-s
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Fiscal consolidation aimed at reducing the budget gap could ease pressure on the rand and reduce the risk of index exclusion. Tax increases could weigh on domestic demand, including for livestock and feed.

## Read by commodity

- USDZAR: bearish ▼

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2017/south-africas-zuma-calls-action-sp-downgrade-rand-moodys-reprieve

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.