SOUTH Africa should aim to re-prioritize its budget to offset the cost of relief measures for businesses and individuals affected by deadly riots and accelerate reforms to foster inclusive economic growth, according to the International Monetary Fund’s resident representative for the country.
“This is a tragedy, but at the same time, we can’t lose sight of the fiscal realities,” Max Alier said Friday in an interview.
At least 330 people died and thousands of businesses in the commercial hub of Gauteng and the eastern KwaZulu-Natal province were looted or burned down in unrest that erupted on July 10.
The turmoil could cost the country about R50 billion ($3.4 billion) in lost output and has placed 150,000 jobs at risk.
President Cyril Ramaphosa may unveil a package aimed at helping those affected on Sunday night, when he is due to deliver a televised address on measures to curb the spread of
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