IMF chief has private meeting with Zuma

2012-01-07 14:44

Bloemfontein - IMF chief Christine Lagarde met President Jacob Zuma on Saturday, wrapping up a visit to South Africa in which she warned that the global growth outlook is likely to be lowered.

The International Monetary Fund head met Zuma in Bloemfontein on the sidelines of the ANC's centenary celebrations.

"It was a private meeting," said Treasury spokesperson Bulelwa Boqwana, adding that no details were available.

On Friday, Lagarde cautioned that the eurozone debt crisis was taking a toll on Africa and the rest of the world, with the IMF set to release a report around January 25 that is likely to lower the global growth forecast from the 4.0% estimated in September.

"We are currently revisiting our world forecast," she said. "It is very likely to be revised downwards."

"We should clearly prepare for a 2012 that will not be a walk in the park, that will not be an easy journey, but will be one of effort and focus on a combination of issues - the first one, the European crisis and its resolution."

South Africa fell into its first recession since the fall of apartheid during the 2008 global financial crisis.

While the recession lasted only nine months, the country has struggled to boost its growth rate to levels that the government says are needed to make a dent in a 25% unemployment rate that keeps 38% of the population living in poverty.

  • Squeegee - 2012-01-07 15:06

    Don't trust either of them.

      Peter - 2012-01-07 15:42

      She is as dirty as zuma she has quite a disgraceful record in france regarding payment of over 450 euros to a friend of hers a couple of years ago, is she doing a deal with zuma and the anc

      Squeegee - 2012-01-07 16:38

      Strange that this post has survived. Most of my posts today about our esteemed leader have been removed and comments have been closed. Censorship.

      George - 2012-01-07 16:47

      News 24 works for the anc

      John - 2012-01-08 06:29

      @George, Spot on, comments on virtually everything cANCer related was blocked yesterday. I sent a message to the editor yesterday via the "suggest a vote" column, it was the only way you could contact the editor, I asked him directly if this is what we must come to expect from now on. I'm getting more and more convinced that they are sympathetic to cANCer. What ever happened to Fair and Balanced reporting?

  • Bongani - 2012-01-07 15:15

    I wonder where they get the 38% poverty level from? When I look around that number is at least double!

      Eduard - 2012-01-07 15:28

      I agree, that figure must be a lot higher......I guess they get it because 1. of the maths crisis we have in SA, among matrices (actually all across the board) 2. the fact that we have unschooled government officials 3. the government refuse to admit they fail in promises, basic duties & responsibilities... 4. government is disconnected from reality So much potential, yet, SA is moving side ways/ back with all the "in-fighting"

  • malcolm - 2012-01-07 15:29

    No wonder Europe is in a debt crisis. A European meeting with Zuma for a discussion regarding world finance. Simply crazy. An uneducated herd boy and a chief of IMF meeting. The world has simply gone crazy.

      Peter - 2012-01-07 15:44


      Peter - 2012-01-07 15:44

      Who on the gravey train is woried about anything

      George - 2012-01-07 16:49

      She spoke about SA's R400m over draught

      Andries - 2012-01-07 19:20

      Of course Europe is in a debt crisis - she is a woman managing high finance, what do you expect - she was asking Zuma for advice.

      Sharkshoot - 2012-01-07 21:50

      How did she communicate with him. He's normally reading from notes prepared by someone educated and literate.

  • mastersvoice - 2012-01-07 15:47

    and now she is pregnant...

      Eduard - 2012-01-07 16:14

      she had a shower...with a dash of garlic and olive oil....

  • Daft - 2012-01-07 15:54

    The ANC does not care a stuff about world economics !!...They will spend tax money anyway !!!

      Bongani - 2012-01-07 16:03

      LOL Daft! When one thinks about what you have just written, one must picture Zuma sitting there and pretending he cares about what goes on in Europe. Like Mugabe he probably thinks this will never affect our country. If Mugabe didn't get world economics in 30 years, what hope do we have that the ANC will ever understand this?

  • Larry - 2012-01-07 16:01

    A woman having a private meeting with Zuma would be fairly risky. At least she would not need a taxi fare.

  • Moss Mphahlele - 2012-01-07 16:32

    Stop lying to us, Malema was also there!!

  • Nkosinathi - 2012-01-07 16:38

    In Africa there has been no intellectual revolution at all. For any country to get some financial loans from financial institutions such as World Bank, the World Bank has to study the policies of the governing party to determin whether among other things such a country could be borrowed money. Unfortunate in my party we have a rich Pol Pot called Malema seriously defining the Robert mugabe like routes to economic ruins. I say this because I haven't forgetten what real brought down Aperthid government. It was because the Chase Manhattan Bank's refusal to lend it loans. If we are not careful about how we shape our policies and politics we will go down as failed state. I am aware Malema is an intertaining clowns for many majority of our people but I believe this is due to ignorance among to those who find time to listen to him spewing his gabagge. As we selebrating 100 with my party I want to advice those that are opposed to ANC that instead of resorting to unobjective opinions or hate speeches they must shape thier parties policies in order to attract many voters, who knows tomorrow they can find themselves in government. I say this because I value all citizen of this land.

      glen.e.huysamer - 2012-01-08 01:56

      I really follow your sentiment, but I would offer a warning to any country and government to be cautious when doing business with the IMF, they have not got a good track record and their business ethics are geared to their own profit. There are cheaper and more sustaining ways to do business internationally and other ways to attract foreign capital to our shores. Over the long term, wherever the IMF is involved things never turn out in favor of the debtor, with foreclosure caused by sudden withdrawal of promised capital rigged to ensure that the lending country ends up in economic melt down. We need the World Bank, the IMF, all the big foundations, and all the governments to admit that, for 30 years, we all blew it, including me when I was president. We were wrong to believe that food was like some other product in international trade, and we all have to go back to a more responsible and sustainable form of agriculture. —Former U.S. president Bill Clinton South Africa must be wary of this organization which has an atrocious record and will even tamper with food prices limiting access so that they can turn over profit.

  • david.lebethe - 2012-01-07 16:43

    Eish! I fear for worse. Couldn't someone advise State President to postpone the meeting until after Mangaung, maybe?

  • Graziella - 2012-01-07 16:54

    Isn't it a wonderful thing that the IMF, which is owned by private banks, can create dollars out of nowhere, lend them at interest to developing nations in order to privatize national assets, rip them off and then demand their money back. Africa is tired of IMF/World Bank Ponzi schemes and scams..

      Leon - 2012-01-08 00:58

      its clear you have no understanding of macro economics.....-the world is not as simple as you would like to fool yourself into believing

      Graziella - 2012-01-08 01:39

      So should I be writting a thesis on Global Macro-Economics on an internet thread. I suggest you read "Unholy Trinity:The IMF, World Bank and WTO" by Prof. John Peet to see how these organisation were formed and what their objectives are.

  • braamc - 2012-01-07 17:11

    Simple for SA, ANC needs to stop stealing the tax payers money, stop partying and appoint people that can do the job as suppose to cadre's.

  • Americo - 2012-01-07 18:57

    What with Eurozone problems and the Malema factor - we are well and truly stewed for 2012

  • Frank - 2012-01-07 20:56

    Wonder if his Spear was pointing downwards when he met the IMF boss!Was it resharpened after poking the Bull?

  • glen.e.huysamer - 2012-01-08 01:38

    “When the IMF arrives in a country, they are interested in only one thing. How do we make sure the banks and financial institutions are paid?... It is the IMF that keeps the [financial] speculators in business. They’re not interested in development, or what helps a country to get out of poverty.” —Joseph Stiglitz The IMF must be in deep sh...t, If that have come all the way down to Southern Africa to knock on our doors.

      Graziella - 2012-01-08 08:14

      The IMF and World Bank go for the jugular when it comes to Africa. These wicked financial institutions know that with Africa's weak play currencies and tiny markets, that loans will always have to be restructured with an ever-increasing list of procrustean "conditionalities". The IMF and the World Bank exist just to make Africa's economies scream.

  • annie.kalahari - 2012-01-08 06:12

    "South Africa is a potentially unstable country in 2012," warned risk analysis group Eurasia, noting: 'growing populism and the ruling ANC's internal leadership struggle stand in the way of economic growth,” said Anne Fruhauf, Eurasia’s Africa analyst. “Zuma’s need to maintain alliances makes it difficult to decisively deal with controversial debates, like the nationalization of mines,.” The warning coincided with a ‘private visit’ by International Monetary Fund chief Christine Lagarde to President Zuma on Saturday - on the sidelines of the ruling party’s multi-million Rand, lavish, year-long ANC's centenary celebrations kicked off this week with the public torturing of a sacrificial bull. Lagarde warned the eurozone debt crisis ‘was taking a toll on Africa and the rest of the world”, In fact the IMF ‘s report scheduled for Jan 25 release would ‘likely lower the global growth forecast from the 4.0% estimated in September.” Meanwhile, South Africa’s ruling party blissfully continues its year-long self-aggrandising feasts… and is planning to appease its growing populist-army by announcing new laws barring its most skilled and best-educated work-force from the entire workplace. eurasiagroup net

  • glen.e.huysamer - 2012-01-08 13:02

    It is important now than ever before that the best and most skilled of South Africa's workforce do every thing they deem possible to amicably enlighten the populist movement of the danger of doing business with this economic colonist organization. More importantly for the minority is to take note of the ever enlarging presence of the IMF on our shores. It seems that the new enemy of South Africa has arrived clothed in conspiracy, dressed in she-eps clothing and will not hesitate to proper gate the new wave of racialism which the ANC leadership is methodically imposing. It is becoming more apparent that the IMF is courting this ANC's policy of retribution to South Africa's white minority ensuring that South Africa's best negotiators remain out of the loop so that they can further rape the African continent. They fuel this racial sentiment between South African citizens knowing that they can secure cheaper resources by dealing with the corrupt rather than an ordered professional government that has good governance as an agenda rather than the present ANC-struggle ruling party persona. The struggle is over, South African's have learnt that racisms is to our detriment, let us maintain our path of reconciliation and work together for the people of South Africa and Africa. Lets us begin to exclude foreign dogma, and trust our own advisors before listening to international self serving warmongers who advice BEE policy knowing that it will weaken South Africa's unified ability.

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