Business
A bit like a multinational Stokvel, the Washington-based International Monetary Fund acts as the banker of last resort for member countries which get themselves into difficulties. To prepare itself, the IMF has a regular programme of sending surveillance teams to assess its potential exposure - and where it finds problems, to encourage members to act before it's too late. The surveillance team, which visits South Africa twice a year, spent the fortnight to November 21 in the country, meeting with stakeholders from across the social and economic spectrum. On Rational Radio this week Economterix chief economist Azar Jammine explained why the IMF's warnings need to be heeded and how the Ramaphosa Administration is running out of time to convince its political allies to come on side - or reap some rather awful consequences. Because of the tough conditions it always applies, nobody likes having to approach the banker of last resort. Much better to make the changes before having to enter the last chance saloon.