Statement by IMF Managing Director Christine Lagarde at the Conclusion of Her Visit to South Africa
December 20, 2018
Ms. Christine Lagarde, Managing Director of the International Monetary Fund
(IMF), issued the following statement today in Pretoria at the conclusion
of her visit to South Africa:
“I wish to thank President Ramaphosa, Governor Kganyago, who is also the
IMFC Chairman, as well as Minister Patel, Minister Davies and other senior
officials for their warm hospitality and our productive exchange of views
during my visit to Pretoria. I would also like to express my gratitude to
all stakeholders with whom I met, including women leaders, youth leaders,
and civil society.
“South Africa has immense economic potential, including a young and dynamic
population. The country has made substantial progress over the past quarter
of a century, achieving much improved living standards for its citizens.
There is a lot to be proud of.
“At the same time, South Africa is at crossroads. The country faces
challenges to raise growth and create more jobs, particularly for the
youth. It also needs to address the too-high levels of unemployment,
poverty, and inequality.
“It is thus urgent to advance broad-based, albeit at times difficult,
reforms to reignite growth and ensure that all South Africans share the
benefits, irrespective of their race, age, or gender. And this needs to be
done in the context of a very challenging external environment for emerging
markets that calls for increased vigilance and rebuilding of policy
buffers.
“Policy actions are needed to reignite inclusive growth. An important
reform relates to fostering competition in the economy to attract private
investment. There is also a need to strengthen public finances to stabilize
debt at more comfortable levels by making expenditure more efficient,
growth-friendly, and inclusive.
“Additionally, improving the operational efficiency and financial situation
of state-owned enterprises to raise competitiveness and contain fiscal risk
is essential. Finally, improving financial inclusion and continuing to
identify and address corruption through increased transparency and
accountability, and the rule of law, are also priorities.
“I agreed with the authorities to enhance the excellent policy dialogue
that we have together.
“Once again, I would like to thank the government and people of South
Africa for their warm welcome.”
Useful links on IMF and South Africa:
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MEDIA RELATIONS
PRESS OFFICER: Andrew Kanyegirire
Phone: +1 202 623-7100Email: MEDIA@IMF.org