‘Time to breathe’ before SA repays IMF loan

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Finance Minister Tito Mboweni announced R40 billion in tax increases over the next four years and said further details would be provided in next year’s budget. Picture: Twitter/GovernmentZA
Finance Minister Tito Mboweni announced R40 billion in tax increases over the next four years and said further details would be provided in next year’s budget. Picture: Twitter/GovernmentZA

BUSINESS

The pressure of a structural adjustment programme attached to the loans from the International Monetary Fund (IMF) would be avoided by using the breathing space such low-cost loans afford to undertake the necessary reforms for economic growth and tighter government spending, Treasury has said.

Last month, the IMF approved a $4.3 billion (R70 billion) loan to help South Africa fight the Covid-19 coronavirus pandemic.

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