South Africa confident of GDP forecasts: finance minsiter

S. Africa's finance minister writes to parliament on deficit reduction, growth statistics and how they would manage in the case of an 'extreme crisis'

South Africa is confident of the growth forecasts and fiscal policies outlined in its February budget and can use foreign exchange reserves in the case of an "extreme crisis," Finance Minister Pravin Gordhan said on Monday.
Gordhan also said in a written reply in parliament the government was committed to a fiscal consolidation path -- which sees a gradual lowering of the budget deficit to below 4 per cent by 2013 -- as the sovereign crisis in the eurozone has shown dangers of allowing large fiscal imbalances to develop.