According to the full IMF Article IV Concluding Report, the CPI-based real effective exchange rate appreciated by 9 percent between
"The depreciation of the rand has been the main contributor to the appreciation of
As a result of the appreciation in the REER, the
Overall IMF is now projecting GDP growth of 3¼ percent for
However, the financial system over-expanded during the rebound, developing fragilities that now represent a drag on the economy. Moreover, the rebound phase has ended, and the IMF said
The IMF said there was need for Government to fully implement their revised fiscal plan for 2014. Government has identified revenue measures and expenditure cuts, and plans to roll over a fraction of domestic maturities falling due. If fully implemented, these measures could result in a budget surplus of approximately 1½ percent of GDP in 2014.
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