January 30, 2020 / 2:45 PM / a month ago

IMF says South Africa's economic growth weakened by bailouts to state firms

JOHANNESBURG, Jan 30 (Reuters) - South Africa’s economy will likely only grow by 0.8% in 2020, the International Monetary Fund said on Thursday, due to the weak performance of state firms and government bailouts which are widening an already large deficit.

“Weaknesses in public enterprises are resulting in poor service delivery and weighing on the fiscus through bailouts or administrative interventions,” the global lender said in a statement following a regular consultation this month. (Reporting by Mfuneko Toyana Editing by Gareth Jones)

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