The Institute of International Finance has advised South Africa to seek funding from the International Monetary Fund given its high debt levels, large capital outflows and a potentially deep recession.
The IIF said it expected South Africa’s economy to contract by 2.5 percent in 2020, but said waning demand, travel restrictions and pandemic-related closures could lead to a deeper recession.
The group, which was created by 38 banks in leading industrialised countries, called South Africa's economic situation "increasingly untenable". It said entering a program with the IMF could bring much-needed funding and help shore up investor confidence.

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