To South Africa now, the country's new finance Minister delivered the medium term budget policy statement in Parliament Wednesday outlining fiscal objectives and spending priorities for the next three years. Sumitra Nydoo has this report from Cape Town.

Tito Mboweni's appointment just two weeks ago helped to calm the markets and strengthen the Rand. But the new Finance Minister's budget policy statement on Wednesday did the opposite.

The concern is around rising debt levels and the on-going financial support for loss making state-owned entities at a time when growth remains weak.

IRAJ ABEDIAN, CHIEF ECONOMISTPAN AFRICAN INVESTMENT & RESEARCH "We cannot have minister after minister, and that has been the case over the past 8 years. Every single budget projection on growth has turned out to be less than projected. So Mr. Mboweni has got now an opportunity to make growth numbers to be realistic."

SUMITRA NYDOOCAPE TOWN, SOUTH AFRICA "Investors and rating agencies watching this budget policy statement have been looking for clues on how South Africa plans to reduce its debt, manage spending and increase economic growth."

The rand lost over 1% against the dollar by the time the Finance minister completed his speech in Parliament.

South Africa's debt to GDP is currently at 55.8% and is expected to rise to 57.4 by 2021. Not ideal with growth revised lower to 0.7% for 2018 and projected at only 2.3% in 2021.

TITO MBOWENIFINANCE MINISTER, SOUTH AFRICA "In recent months, deteriorating economic performance, revenue shortfalls and a weaker rand have all contributed to higher debt projections. The consolidated budget deficit is estimated at 4% in 2018/2019, compared with the 2018 budget projection of 3.6% of GDP."

Uncertainty on global markets and higher rates in the US is adding pressure to an already volatile currency. But it seems many are still encouraged by President Cyril Ramaphosa's initiatives to draw investment and revive the economy.

JAMEEL AHMAD, GLOBAL HEADCURRENCY STRATEGY & MARKET RESEARCH, FXTM "It's definitely still an attractive destination for investors. The problem is, is that you've got so many different external uncertainties right now with trade tensions, others things that are weighing with political risk, that's making this environment less attractive towards emerging markets and risk appetite because investors don't know what could happen on a day to day basis."

Many are hopeful the new Finance Minister will make some serious changes in the coming months as he settles into his new position. SN, CGTN, CT, SA.