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Legalbrief   |   your legal news hub Saturday 11 July 2020

Speed up economic reform – IMF

The IMF has joined a chorus of voices putting pressure on President Cyril Ramaphosa’s Government to accelerate moves to boost economic growth and rein in debt. A Business Day report says the IMF also appeared to throw its weight behind reforms proposed in Finance Minister Tito Mboweni’s economic strategy paper. Though the Ramaphosa administration is in the ‘process of building support’ for policies aimed at addressing these risks, a ‘more decisive approach to reform is urgently needed’, the IMF said. SA has a limited window of opportunity to make changes, according to the IMF, which said the February budget has to outline measures to tackle the government’s fiscal position and address challenges at stricken state-owned companies, echoing comments made in July by Moody’s Investors Service, the only major ratings agency that still has SA in investment grade.