FILE PHOTO: South Africa's Finance Minister Nhlanhla Nene delivers his 2015 Budget Speech at Parliament in Cape Town, February 25, 2015. REUTERS/Sumaya Hisham/File Photo/
CAPE TOWN (Reuters) - South Africa's incoming Finance Minister Nhlanhla Nene said on Tuesday that the budget tabled by his predecessor last week might not prevent further credit ratings downgrades, casting doubt on hopes it would help reduce a large national debt pile.
The shoddy state of the government finances forced the Treasury last week to take the politically risky step of raising value-added tax.
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