What South Africa must give IMF

28 June 2020 - 00:30 By Hilary Joffe

The government will likely have to commit to restoring the public finances to health and implementing reforms to boost the economic growth rate as it negotiates with the International Monetary Fund (IMF) over a $4.2bn (R72.6bn) loan that would help to plug SA's enormous fiscal hole.

Dire budget numbers that finance minister Tito Mboweni presented on Wednesday showed the government's funding requirement this year has ballooned to R777bn - more than double February's budget forecast. But it confirmed it plans to raise more than $7bn of this from international financial institutions including the IMF, which has so far provided Covid-related emergency financing worth about $65bn to 74 countries...

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