Coronavirus - South Africa: IMF Executive Board Approves US$4.3 Billion in Emergency Support to South Africa to Address the COVID-19 Pandemic

The IMF approved US$4.3 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the COVID-19 shock

The COVID-19 outbreak is leading to a sharp economic contraction and significant financing needs in South Africa; The IMF approved US$4.3 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the COVID-19 shock;…

International Monetary Fund (IMF) Staff Completes 2020 Article IV Visit to the Kingdom of Lesotho

An International Monetary Fund (IMF) staff team, led by Joseph Thornton, visited Maseru from January 29 – February 11, 2020

In a context of policy uncertainty, the weak regional environment has depressed growth below the levels needed to reduce poverty and unemployment; High government spending should be refocused on areas that can have the biggest impact on delivering vital services, protecting the vulnerable, and supporting private sector growth; Reforms should…

International Monetary Fund (IMF) Staff Completes 2019 Article IV Mission to Botswana

An International Monetary Fund (IMF) team, led by Mr. Papa N’Diaye, visited Gaborone during November 13-27 to hold discussions for the 2019 Article IV Consultation with Botswana

Growth is expected to slow to about 3½ percent in 2019, due to weaknesses in the diamond market, a severe drought, and slower growth in neighboring countries. In 2020, it is expected to rise to 4.2 percent as the diamond market normalizes and copper production comes into stream; Fiscal consolidation…

International Monetary Fund (IMF) Staff concludes visit to South Africa

Robust actions are needed to reduce the fiscal deficit and reverse the increase in public debt

South Africa’s subdued economic growth could be reignited if the pace of structural reform implementation accelerates; robust actions are needed to reduce the fiscal deficit and reverse the increase in public debt; the government has a renewed opportunity to press ahead with policies to further strengthen governance, encourage competition, increase…

Statement by International Monetary Fund (IMF) Managing Director Christine Lagarde at the Conclusion of her visit to South Africa

The country has made substantial progress over the past quarter of a century, achieving much improved living standards for its citizens

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Pretoria at the conclusion of her visit to South Africa: “I wish to thank President Ramaphosa, Governor Kganyago, who is also the IMFC Chairman, as well as Minister Patel, Minister Davies and other…

Statement by International Monetary Fund Managing Director Christine Lagarde on Meeting with South Africa Deputy President Cyril Ramaphosa

Statement by International Monetary Fund Managing Director Christine Lagarde on Meeting with South Africa Deputy President Cyril Ramaphosa: International Monetary Fund (IMF) Managing Director Christine Lagarde met the Deputy President of South Africa, Cyril Ramaphosa, today in Davos. They discussed recent developments and the outlook in South Africa. At the conclusion of…

The International Monetary and Financial Committee Selects South African Reserve Bank Governor Lesetja Kganyago as New Chairman

Mr. Kganyago has been the Governor of the South African Reserve Bank since November 2014

The members of the International Monetary and Financial Committee (IMFC), the policy advisory committee of the Board of Governors of the International Monetary Fund (IMF), have selected Mr. Lesetja Kganyago, Governor of the South African Reserve Bank, as Chairman of the Committee for a term of three years, effective January…

IMF Executive Board Concludes 2017 Article IV Consultation with the Kingdom of Swaziland

On September 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with the Kingdom of Swaziland. Since the 2010 fiscal crisis, Swaziland has experienced a period of macroeconomic stability and recovery. A rebound in South African Customs Union (SACU) revenues, expansionary policies…

IMF Staff Completes 2017 Article IV Visit to South Africa

Headline inflation is expected to return below 6 percent in the second half of 2017 and in 2018, making it appropriate for policy rates to remain on hold, and for the central bank to stand ready to increase rates if inflation expectations were to rise

South Africa’s rate of real GDP growth is projected at 1 percent in 2017 thanks to a resumption of solid agricultural production as the drought abates, and an increase in mining output prompted by a moderate rebound in the prices of South Africa’s commodity exports. Headline inflation is expected to return…

IMF Hosts Conference on “Managing Capital Flows: Challenges for Developing Countries” in Zambia

The conference provided a forum for policy makers to share experiences on how best to reap the benefits from capital flows, while managing the risks

Participants agreed that capital flows to developing countries are generally beneficial—particularly in the current context of a much leaner environment—by providing an important source of financing for investments and by helping to maintain foreign exchange reserves. Participants agreed that (i) the composition of capital flows matters for financial stability and…