We might be able to avoid turning to the IMF for a bailout – Kganyago

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Reserve Bank Governor Lesetja Kganyago has said that South Africa could avoid reaching out to the International Monetary Fund for funding if hard decisions are made.Some economists have argued that the government could find itself approaching the IMF for funding to help prop up SA’s ailing economy, which is buckling under the weight of prolonged poor growth, high unemployment and struggling state-owned entities.

“We don’t have to get there.  These problems are within our grasp, we know exactly what must be done. We know the trade-offs that must be made, we must make those trade-offs,” Kganyago said during a dialogue with journalists on Thursday.He added the government would need to to take bitter medicine in order to prevent matters from spiralling out of control.