Someone needs to puncture the myth that SA will sink into the arms of the IMF in the next year or two as we descend into a sovereign debt crisis, and that this will allow the country to magically press reset.
For starters, the size of the IMF funding pool SA could access is not large given our swollen borrowing needs. Normally SA would be entitled to 435% of its IMF quota over three years. In July, SA loaned 100% of its quota under the IMF’s rapid financing instrument to help fund a historic R777bn borrowing requirement. For all the fuss made about approaching the IMF, the loan equates to less than 10% of SA’s borrowing needs for the year.
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