JOHANNESBURG – With 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.