Cape Town - Finance Minister Tito Mboweni on Wednesday described talks with the International Monetary Fund for a loan to shore up South Africa's public finances in the face of the Covid-19 crisis as "difficult".IMF and the National Treasury have been involved in quite a protracted negotiations process. The discussion
"We think we may have come to some common understanding and on the basis of this the staff at the IMF will approach their executive board in early July," he added. Mboweni, who warned in his speech of a looming debt crisis, said he needed to stress that the funding secured from international organisations was "He pointed out that in an ideal economic environment, such loans would be leveraged strictly for investment spending by the state.
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Seven key points from Tito Mboweni's 'emergency' Covid-19 budgetFinance minister Tito Mboweni laid out the full extent of the damage wrought by the Covid-19 crisis on the state’s already weak finances in his supplementary budget speech on Wednesday.
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