October 25, 2018 / 11:04 AM / 21 days ago

S.African finance minister calls for swift action on debt to avoid IMF

CAPE TOWN, Oct 25 (Reuters) - South African Finance Minister Tito Mboweni said on Thursday that the country had to act swiftly on its debt levels to avoid turning to the International Monetary Fund for help.

“Whether or not you like the IMF, ideologically or practically, it doesn’t matter. When you get into a debt trap that’s where you end up,” Mboweni told lawmakers a day after delivering a bleak medium-term budget statement.

“That low economic scenario has reduced tax revenues. We clearly have a problem,” Mboweni added. (Reporting by Mfuneko Toyana Writing by Alexander Winning Editing by Robin Pomeroy)

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