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‘SA needs economic recovery plan to stave off ratings downgrades'

Deputy President Cyril Ramaphosa says corruption at state-owned entities has taken the country to the brink of that precipice.

FILE: South Africa's Deputy President Cyril Ramaphosa talks to potential investors during discussions at a Brand South Africa briefing at the World Economic Forum in Switzerland on 17 January 2017. Picture: EWN

CAPE TOWN - Deputy President Cyril Ramaphosa says he's not in favour of approaching the International Monetary Fund (IMF) to help the country out of its economic crisis.

He says corruption at state-owned entities has taken the country to the brink of that precipice.

But Ramaphosa says the country’s problems should rather be solved through the National Development Plan.

Speaking to journalists at Parliament on Thursday morning, the deputy president said practical ways have to be found to give substance and life to radical economic transformation.

Ramaphosa says extending a begging bowl to the IMF would mean giving up government’s independence to manage its own finances, and it may even be forced to cut back on social spending.

Instead, he says the country needs an economic recovery plan to stave off further ratings downgrades.

“We can’t sit back and just be harping on slogans. We have to come up with clear action plans which are part and parcel of radical economic transformation.”

He adds the economy must be managed in a way that will shore up state-owned enterprises and eradicate their fraught management.

(Edited by Shimoney Regter)