The South Asian nation fighting to stay solvent and avoid a debt default has unveiled $764-million of cost-cutting measures needed to help revive a $6.5-billion. The government will follow up with further austerity measures in the next budget in July, Prime Minister Shehbaz Sharif said on Wednesday.
The world’s fifth most populous country has descended dangerously close to a debt default in recent months. The $350-billion economy, with just $3- billion of foreign-exchange reserves by one estimate, also faces a dollar squeeze that tests its external stability. Supply disruptions caused by flooding, food shortages and steps the government took to meet IMF’s preconditions for the rescue may push inflation above 30% for the first time on record, according to Bloomberg Economics.
Only in South Africa do the VIPs,(they think they are), not care about the very people who voted for a better life. Disgusting & shameless.
PresidencyZA CyrilRamaphosa
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