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IMF seeks explanation on South Africa’s land reform

By Thompson ABISOLA

The International Monetary Fund (IMF) said on Tuesday in Johannesburg that the South African government should clearly articulate its land reform plans in order to lift uncertainty weighing on investor sentiment.

The IMF statement followed South Africa’s ruling African National Congress (ANC) plan to redistribute land without compensation to address racial inequalities that persisted more than two decades after the end of apartheid.

Government critics have expressed concern that those plans could infringe on property rights.

The IMF said in a statement that the government’s stated priorities of strengthening governance and promoting employment presented an opportunity to accelerate economic growth momentum if the uncertainty was cleared.

The IMF currently forecasts that the South African economy would grow by 1.5 per cent this year.

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