Deputy Speaker, the Moody's downgrade was not simply about our ability to repay debt. The number one reason they gave for the downgrade, Deputy Minister, was that the authorities have a reduced capacity to implement effective strategies to place the government on a path to faster growth. What they are saying is that this government cannot implement its plans. That is why they gave us the downgrade. [Interjections.]
In the mini-budget last week, we heard the Finance Minister said again that what is needed are active labour market policies. This is a euphemism for the youth wage subsidy. During every single Budget, the Finance Minister stands up and says that we need a youth wage subsidy. This government doesn't listen to him. The Minister missed an opportunity on Thursday to reassure rating agencies that we can actually implement our plans. Instead, he just put aside the downgrade as inappropriate.
Now, Deputy Minister, I have done a back-of-the-envelope calculation here. We issued R21 billion's worth of debt yesterday. If the downgrade has cost us 20 basis points, as one of your officials had told me in committee, that would have increased our debt repayment by R60 million. Could you confirm this, and will you outline your plans for how you will actually start implementing the things that the Minister announces? Thank you.