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AFRICANGLOBE - Nairobi is to be transformed into a regional and continental financial hub by the end of the year. The initiative currently being spearheaded by the National Treasury will look at clearing a number of hurdles that have prevented this happening to date.
South Africa remained committed to prudent economic policies supportive of growth and job creation, the National Treasury said at the weekend following ratings agency Fitch's revision of the outlook on the country's sovereign credit rating. Fitch Ratings announced on Friday that it had affirmed South Africa's long-term foreign and local currency credit rating at BBB+ and A respectively, but that it had revised the outlook from stable to negative.