South Africa advised to seek fund from IMF

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South Africa advised to seek fund from IMF

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The Institute of International Finance has advised South Africa to seek funding from the International Monetary Fund given its high debt levels, large capital outflows and a potentially deep recession. The IIF said it expected South Africa’s economy to contract by 2.5 percent in 2020, but said waning demand, travel restrictions and pandemic-related closures could lead to a deeper recession. The group, which was created by 38 banks in leading industrialised countries, called South Africa's economic situation "increasingly untenable". It said entering a program with the IMF could bring much-needed funding and help shore up investor confidence. --- Support this podcast: https://anchor.fm/newscast-africa/support --- Send in a voice message: https://anchor.fm/africabusinessnews/message Support this podcast: https://anchor.fm/africabusinessnews/support

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