In a desperate bid to cushion the effect of the junk status experienced by the country, this comes days after the country was downgraded to junk status by S&P Global Ratings on Friday.
President Jacob Zuma has directed Finance Minister Malusi Gigaba to brief him this week on plans to cut government expenditure by R25billion and raise taxes by about R15bn.
Zuma said yesterday that he wanted a financially-sustainable plan for the roll-out of free education for students from poor and working backgrounds.
In a statement, he directed that Gigaba should be assisted by the presidential fiscal committee to identify concrete measures to urgently address challenges identified in his Medium-Term Budget speech.
Gigaba recently painted a gloomy picture of the South African economy, including a R50.8billion budget shortfall, rising government debt and low economic growth.