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Government will not approach IMF for bailout, says Mthembu

Several commentators and leading business people warned that South Africa could be forced to go to the IMF with a begging bowl unless drastic measures were taken to address the economic crisis.

FILE: Minister in the Presidency Jackson Mthembu at a post-Cabinet briefing on 11 July 2019. Picture: Gaye Davis/EWN

JOHANNESBURG - As the country's economy continues to dwindle and the unemployment rate reaches record-breaking highs, government said it was still finalising its response to the crisis.

Minister in the Presidency Jackson Mthembu gave a briefing on Thursday on the outcomes of yesterday's Cabinet meeting, explaining that the government would take the country into its confidence later when its plans were ready.

Government said it still needed more time to work on its response.

What government was sure of, however, was that it would not be approaching the International Monetary Fund (IMF) for intervention as it battled debt levels of over R3 trillion and a shrinking fiscus.

Several commentators and leading business people warned that South Africa could be forced to go to the IMF with a begging bowl unless drastic measures were taken to address the economic crisis.

Mthembu said there was no appetite for a bailout from the IMF.

He said once ready, government would present to the nation various packages, including how it would deal with the future of state-owned enterprises.

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