CAPE TOWN – President Cyril Ramaphosa on Wednesday received a courtesy call from Christine Lagarde, International Monetary Fund’s Managing Director who is in the country as part of IMF head Africa trip.
The South African Reserve Bank (Sarb) and the IMF are set to hold a joint press briefing featuring Governor Lesetja Kganyago and Lagarde after a joint meeting between the Sarb Governor and IMF Managing Director.
Lagarde recently called on G20 leaders to urgently de-escalate trade tensions and reverse tariff hikes, warning that they risked slowing global growth.
“Pressures on emerging markets have been rising and trade tensions have begun to have a negative impact, increasing downside risks,” Lagarde said in a statement issued at the conclusion of the G20 summit in Buenos Aires.
“A key issue is that rhetoric is morphing into a new reality of actual trade barriers. This is hurting not only trade itself, but also investment and manufacturing as uncertainty continues to rise.”
BUSINESS REPORT ONLINE