November 27, 2017 / 9:20 AM / 2 years ago

South Africa's Zuma calls for urgent measures to boost economy after downgrade

President Jacob Zuma gestures as he addresses parliament in Cape Town, South Africa, November 2, 2017. REUTERS/Sumaya Hisham

JOHANNESBURG (Reuters) - South Africa’s President Jacob Zuma has directed Finance Minister Malusi Gigaba to identify concrete measures to urgently address the country’s economic challenges, the president’s office said on Monday.

The directive comes after S&P Global Ratings on Friday downgraded the country’s local currency debt to sub-investment grade, while Moody’s place the sovereign on review for downgrade. [nL8N1NU55B]

Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia

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