IMF urges South Africa to make reforms

South Africa is likely to benefit more from implementing structural reforms to boost economic growth, revive business confidence and stabilise debt than fiscal consolidation, the International Monetary Fund said.

“The payoff from growth is much more than the payoff from fiscal consolidation,” said Montfort Mlachila, the Washington-based lender’s senior resident representative in South Africa.

“Fiscal consolidation is needed, but it is definitely not sufficient and too much fiscal consolidation undermines growth.”

The government should take steps to boost productivity and growth…

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