Mirror, mirror on SA’s wall, who’s going to take the blame for it all?
Our economy will tank and the IMF will play a huge role in our future. Now’s just to wait for the blame game
Predicting the future is a hazardous business at the best of times. However, a growing number of futurologists see the International Monetary Fund (IMF) playing a huge role in SA in the years ahead.
The trajectory of the Covid-19 pandemic remains uncertain. The world economy has suffered a unique combination of supply-and-demand shocks, leading the IMF to anticipate a three-percent global contraction over the course of the year.
Here at home, Covid-19 has accelerated SA’s previously leisurely journey towards the fiscal cliff. Heated debate about monetary policy options, and anger about the commitments made by the National Treasury and South African Reserve Bank (SARB) to the IMF to secure a R70bn rapid finance instrument loan, reflect a lack of consensus about how the country should respond...