The ANC and its tripartite alliance partners, the SACP and Cosatu, have hit back at Finance Minister Tito Mboweni, rejecting his comments that he would turn to the World Bank and International Monetary Fund (IMF) for economic relief if the need arises.
In a letter to President Cyril Ramaphosa - signed by ANC secretary-general Ace Magashule, SACP deputy general-secretary Solly Mapaila and Cosatu general-secretary Bheki Ntshalintshali - the tripartite alliance said Mboweni's remarks served to underscore the importance of a coherent and disciplined approach to communication.
"We reject this proposal. We instead reaffirm the need to safeguard South Africa's democratic national sovereignty, the fundamental right to self-determination, our independence which is non-negotiable, even in the midst of the crisis," the letter read.
South Africa was hit with a double whammy when ratings agency Moody's stripped the country of its investment grade rating, downgrading government bonds to "junk" less than two weeks ago.
Another ratings agency, Fitch, dropped the country a further into non-investment grade on Friday. Fitch already had South Africa's investment rating at junk status ahead of the move.
Last month, Mboweni told City Press he wouldn't hesitate to go to the World Bank or the IMF for help if the country needed it.
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"There is no time for ideology. If not IMF, then give me the money. I cannot eat ideology," he told the newspaper.
Mboweni added that South Africa wasn't yet in a position where it needed to knock on the institutions' doors, saying his team at National Treasury was only planning to prevent being caught off guard in future.
This is a developing story. More details to follow.