situation report

Aug 15, 2019 | 16:37 GMT

1 min read

South Africa: Senior IMF Official Says Bailout Not Necessary Despite 'Worrying' Debt

What Happened: South Africa's escalating public debt is "worrying," yet the country does not require a bailout, a senior IMF official has said, Reuters reported Aug. 15.

Why It Matters: South Africa continues to face record levels of public debt that have surpassed 55 percent of its gross domestic product, resulting in growing speculation about a potential bailout from the International Monetary Fund.

Background: The country's ruling African National Congress has been struggling to address the country's poor economic situation, which is mired by rising unemployment, escalating debt, low growth and an outflow of skilled labor.

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