South Africa : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for South Africa
Author/Editor:
International Monetary Fund. African Dept.
Publication Date:
July 28, 2020
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
South Africa has the highest number of COVID-19 cases in sub-Saharan Africa. To mitigate the health impact, the government introduced a lockdown with a severe bearing on domestic demand. Existing structural constraints are being exacerbated by disruptions in the global supply chain. Moreover, deteriorating global financing conditions triggered portfolio outflows, particularly at the start of the pandemic, impairing a major source of external financing. As a result, a deep recession is unfolding in an economy already experiencing protracted subdued growth and deteriorating social conditions, with high unemployment, poverty, and inequality.
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