Finance minister Pravin Gordhan said changes to quotas at the IMF could affect South Africa but there would not be a major impact via increased funding to help resolve the European crisis.
Speaking from Davos, Switzerland, via a direct feed to the Gibs/Business Day conference, Gordhan said yesterday there was no longer any doubt about the seriousness of the European crisis, the growth crisis, unemployment and inequality.
"We are still not out of the woods," he said.
The IMF is looking to Brics and other countries to raise its lending capacity by $500-billion.
Gordhan said any funding changes would affect larger creditor nations such as China.
One of the key themes at Davos is the future of capitalism.
Gordhan said: "There are serious questions right at the heart of capitalism telling us we need to find new answers. We need to find different pathways to the solutions we are looking for. We have to use this opportunity to reflect, but correct our ways. We need to look broader than just economics."
He said countries that had better cohesion with labour would be better placed.
"The question for South Africa is to determine our strengths and build on those strengths."
He said a critical question was improving private-sector growth and investment and to encourage foreign investment, but to build more business confidence.
Gordhan wants better clarity on how Europe would deal with its problems to emerge from the Davos conference.
South Africa has the strongest African delegation at Davos with about 30 people.
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