IMF: Political Uncertainty in South Africa a Concern

IMF

International Monetary Fund says the high levels of corruption in the country are impeding economic growth.(REUTERS)

The International Monetary Fund (IMF) says political uncertainty in South Africa and concerns around governance matters continue to shake investor confidence.

It says the high levels of corruption in the country are impeding economic growth and are damaging the trust that people should have in government.

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IMF Deputy Managing Director David Lipton says this will make it difficult to implement economic reforms that are needed to help spur growth.

“There is another extremely important element of governance and that is corruption.”

He says, “Your national planning commission has said that the country suffers from high levels of corruption.”

“All of this is damaging to investor confidence as well as the trust of the people of South Africa.”

Lipton adds: “And without confidence and trust it will be difficult to put in place the reforms that are needed to make the economy work for all South African.”

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