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IMF says South Africa needs decisive efforts to cut spending

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South Africa needs more decisive efforts to cut spending and reduce its debt to gross domestic product ratio, which is expected to reach almost 86% by 2029, up from 74% in 2022, a senior International Monetary Fund (IMF) official said on Wednesday.

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Fiscal Affairs Deputy Director Era Dabla-Norris said it could reduce transfers to state-owned enterprises, rationalize untargeted subsidies and undertake ambitious structural reforms to bolster growth.

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