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The people at the IMF in Washington DC are excruciatingly diplomatic. More than any other international institution, the IMF has the quiet power to dislocate even the most powerful ambitions.

When the last IMF MD, Christine Lagarde, visited SA in December 2018 she was effusive about her welcome and even waved away concerns about President Cyril Ramaphosa’s commitment to introduce constitutional changes to enable the expropriation of land without compensation. Their talks on the subject had been “excellent”, she said...

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