International Monetary Fund IMF Christine Lagarde warns that optimism about Ramaphosa has diminished

 

South Africa’s President Cyril Ramaphosa receives International Monetary Fund head Christine Lagarde  in South Africa.

The IMF leader is set to hold a joint briefing at 4pm on Wednesday, with Reserve Bank governor Lesetja Kganyago, on SA’s ailing economy.

Lagarde’s IMF has warned that optimism after President Cyril Ramaphosa’s election has dissipated, leaving growth stuck in low gear.

The IMF head comes to South Africa weeks after the global lender released a report with warning flags for the country.

President Cyril Ramaphosa looking to attract $100 billion in investment in five years, the International Monetary Fund (IMF) is visiting the country to discuss economic development.

Reserve Bank Governor Lesetja Kganyago will meet with IMF managing director Christine Lagarde on Wednesday before addressing the media.

This is part of Lagarde’s annual tour of African countries.

The meeting comes just weeks after data showed that South Africa had emerged from a technical recession.

The country held an Investment Summit earlier in 2018 where Ramaphosa announced that R290 billion had been pledged in investment.

Added to this, in July, Saudi Arabia announced an investment of $10 billion, primarily to be used in the energy sector.

But despite such investments, the country’s state-owned enterprises are still facing challenges.

Ramaphosa says Eskom alone has a debt of up to R475 billion.

Lagarde is expected to meet with the president and others on Wednesday to discuss this country’s economic situation.

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