A cry for help from the IMF sends the wrong signal
Andrew Donaldson says IMF advice is welcome, but we don't need bailouts
Andrew Donaldson, who recently resigned as deputy director-general of the National Treasury, says that going to the International Monetary Fund for a bailout would be a betrayal of the legacy of Trevor Manuel. Donaldson, who joined the Treasury in 1993, served under Manuel when he was finance minister from 1996 to 2009. "It was such a central part of Manuel's legacy in the Treasury that we need to be responsible for our own future, and make our own choices," says Donaldson. Speculation about an approach to the IMF was fuelled by Finance Minister Malusi Gigaba's recent comment that South Africa might have to "seek assistance from quarters we have thus far avoided" if the economy did not improve. According to recent forecasts, economic growth is going to be negligible for the foreseeable future. Donaldson says South Africa knows what has to be done to dig itself out of the hole and has the capacity to do it without resorting to the IMF. The government, business, labour and civil socie...
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