World leaders salute President Cyril Ramaphosa

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The challenge comes just a day after the Finance Minister Malusi Gigaba has delivered his maiden 2018 National Budget at the National Assembly in Cape Town.

Additionally, the EFF opposes a budget regime that raises VAT and targets the personal incomes of lower paid workers, to the exclusion of Corporate Income tax, as a means to raise revenue.

This is expected to see the country's debt pile stabilize at a level equivalent to 56.2% of GDP by the end of the 2022 year.

"We believe we have done enough to avoid a downgrade".

Peter Griffiths, a spokesperson for Moody's, said by email the company didn't have an immediate comment and Fitch's Peter Fitzpatrick resent a previous note in which it said the budget would be indicator of the direction of fiscal policy under Ramaphosa. The treasury forecasts a 1.5% expansion this year, up from the October forecast of 1.1%. "Anybody who is anxious about investment in South Africa would have been anxious when you mentioned expropriation of land without compensation".

Benchmark bond yields fell 12 basis points to 7.98%, dropping below 8% for the first time since May 2015, while the rand gained 0.7% to R11.65/US$ by 2.38pm in Johannesburg, the best performer among major peers on Wednesday.

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At 0655 GMT, the rand traded at 11.75 versus the dollar, 0.17 percent weaker from its overnight close in NY.

Then in June past year the amaBhungane Centre for Investigative Journalism and the Daily Maverick website's Scorpio unit unveiled the so-called Gupta Leaks - a trove of more than 1 million electronic documents.

Finance Minister Malusi Gigaba, whose position is uncertain now amid talk of an imminent reshuffle by President Cyril Ramaphosa, announced the weak growth estimates and rising government debt in October a year ago.

SOUTH African president, Cyril Ramaphosa, would ensure families of 44 miners who died during clashes with police during the Mariakana platinum protests of 2012 would be compensated, said BusinessLive citing comments made by Ramaphosa. "We will support him fully".

In 2016, the ruling African National Congress national executive committee said lifestyle audits would be carried out on ministers, government officials and those in charge of public enterprises in a bid to tackle allegations that it was failing to act against those accused of corruption within its own ranks. "We will have to find resources, probably through the sale of state assets".