IMF won't bail out South Africa: Lagarde

IMF Managing Director Christine Lagarde is in South Africa for a visit. President Cyril Ramaphosa invited Lagarde. Courtesy #DStv403

JOHANNESBURG - The International Monetary Fund won't be bailing out South Africa.

That's according to IMF director, Christine Lagarde.

There had been speculation the organisation might giving the country a cheque.

WATCH: IMF's Lagarde says state capture inquiry good for SA

Lagarde believes South Africa is dealing decisively with corruption.

“There is a lot of work to be done. It is certainly the president’s endeavour to get to the bottom of it and to support this project of removing this state capture. I’m sure that there will be a lot of good coming out of it even though the process is painful but for the population of South Africa it is very much needed,” she said.

The country’s ailing parastatals also came under the spotlight.

She's described her talks with President Cyril Ramaphosa around land expropriation without compensation as excellent, saying the correct processes should be followed.

IMF Managing Director Christine Lagarde says her visit to the country is not to discuss any financial support from the organisation. Courtesy #DStv403

Source
eNCA