South Africa not considering IMF bailout for now – Treasury official

PUBLISHED: Fri, 03 Nov 2017 17:26:42 GMT


South Africa is not considering an International Monetary Fund (IMF) bailout at this stage, a senior Treasury official said on Friday, as the country struggles with weak growth, low tax receipts and rising debt.

“Financial markets can behave in very unpredictable ways so all options are on the table but … we are not considering any IMF bailout at this point, it’s not necessary,” Michael Sachs, deputy director general at Treasury’s budget office told reporters.

He earlier told parliament that the Treasury had met an IMF delegation that is currently in the country.

Reporting by Wendell Roelf; Writing by Olivia Kumwenda-Mtambo; Editing by James Macharia

Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.