IMF rumours could kick SA into gear

The threat of an International Monetary Fund bailout, unthinkable a few years ago, may force the South African government to push through the reforms it needs to rescue the economy.

The Washington-based lender, central bank and the government have said SA does not need IMF help and that authorities can still do what is needed. While President Cyril Ramaphosa and the ruling ANC will be unlikely to request support, the nation’s biggest business lobby said they may have to unless they act soon to fix the problems at the cash-strapped state-owned electricity company and to remove obstacles to economic growth.

The government will announce a plan to improve the economy within weeks, minister in the presidency Jackson Mthembu told reporters on August 8. “There is no need or appetite from the South African government to approach any financial institution for help.”

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