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Pretoria, The Union Buildings

Pretoria: The Union Buildings

South Africa Resident Representative Site

Resident Representative Office in South Africa

This web page presents information about the work of the IMF in South Africa, including the activities of the IMF Resident Representative Office. Additional information can be found on the South Africa and IMF country page, including IMF reports and Executive Board documents that deal with South Africa.

We would like to bring to the notice of the general public that several variants of financial scam letters purporting to be sanctioned by the International Monetary Fund (IMF) or authored by high ranking IMF officials are currently in circulation, and may appear on official letterhead containing the IMF logo. The scam letters instruct potential victims to contact the IMF for issuance of a “Certificate of International Capital Transfer” or other forms of approval, to enable them receives large sums of monies as beneficiaries. The contact e-mail information is always BOGUS and unsuspecting individuals are then requested to send their personal banking details which the scammers utilize for their fraudulent activities.

For more information please see Fraudulent Scam Emails Using the Name of the IMF

News — Highlights

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The IMF's Assessment of South Africa

2013 Art IV Consultation; By the Senior Resident Representative in South Africa; October 1, 2013 click for more

Building Momentum in a Multi-Speed World

Regional Outlook for Sub-Saharan Africa; By Axel Schimmelpfenning; May 17, 2013 click for more

Regional Economic Outlook for Sub-Saharan Africa: Maintaining Growth in an Uncertain World

Presentation by Axel Schimmelpfennig, IMF Senior Resident Representative in South Africa click for more

South Africa’s Unemployment Puzzle

iMFdirect blog by Abebe Aemro Selassie, Assistant Director in the IMF’s African Department click for more

IMF Note for G-20 Leaders Summit

This note provides the IMF's assessment of the global economic and financial situation and prospects. It then assesses the policy response to date, and outlines the IMF's views on the policy challenges that lie ahead. click for more

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South Africa and the IMF

South Africa: Technical Assistance Report-Revenue Administration Gap Analysis Program—The Value-Added Tax Gap

July 10, 2015
Series: Country Report No. 15/180 click for more

2015 External Sector Report - Individual Economy Assessments

June 29, 2015
Subject: External sector | Current account | Capital account | Capital flows | Real effective exchange rates | Foreign exchange | Intervention | Developed countries | Emerging markets | Cross country analysis | External Sector Report click for more

South Africa: Concluding Statement of an IMF Staff Visit

June 23, 2015

Are African Households Heterogeneous Agents? : Stylized Facts on Patterns of Consumption, Employment, Income and Earnings for Macroeconomic Modelers

May 6, 2015
Author/Editor: Louise Fox
Series: Working Paper No. 15/102
 click for more

Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries? : Evidence from a Panel of Countries

April 28, 2015
Author/Editor: Munseob Lee ; Cheikh A. Gueye
Series: Working Paper No.15/83
 click for more

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Regional Economic Outlook for Sub-Saharan Africa

image from the publication cover

Sub-Saharan Africa's economy is set to register another year of solid growth, although the expansion will be at the lower end of the range registered in recent years, mainly reflecting the severe impact of the sharp decline in oil prices on the region's oil exporters. In a context of tightening global financial conditions, the large fiscal and current account deficits that prevail in some countries could leave them vulnerable to a potential reduction in external financing. An uneven global recovery and domestic security-related challenges are also risks to the outlook. Against this backdrop, and beyond the immediate effects of the current shock, further progress toward diversification and structural transformation remains crucial to sustain high and inclusive growth, generate jobs for the rapidly growing young population, and foster integration into global value chains. Click for more



Toward a Monetary Union in the East African Community

Building Resilience in Sub-Saharan Africa's Fragile States

In late 2013 the East African Community (EAC) countries (Burundi, Kenya, Rwanda, Tanzania, and Uganda) signed a joint protocol setting out the process and convergence criteria for an EAC monetary union. The signing of the protocol represents a further step toward regional economic integration. It follows ratification of the protocols for a customs union (2005) and the common market (2010). Envisaged in 2024 is the introduction of a common currency to replace the national currencies of member countries.



Building Resilience in Sub-Saharan Africa's Fragile States

Building Resilience in Sub-Saharan Africa's Fragile States

Fragile states—states in which the government is unable to deliver basic services and security to the population—face severe and entrenched obstacles to economic and human development. While definitions of fragility and country circumstances differ, fragile states generally have a combination of weak and non-inclusive institutions, poor governance, low capacity, and constraints in pursuing a common national interest. As a result, these countries typically display an elevated risk of both political instability (including civil conflict), and economic instability (through a low level of public service provision, inadequate economic management, and difficulties to absorb or respond to shocks). Crises in such countries can also have significant adverse spillovers on other countries. In contrast, resilience can be defined as a condition where institutional strength, capacity, and social cohesion are sufficiently strong for the state to promote security and development and to respond effectively to shocks.

Pan-African Banking : Opportunities and Challenges for Cross-Border Oversight

Pan-African Banking : Opportunities and Challenges for Cross-Border Oversight

Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fostering financial development and economic integration, stimulating competition and efficiency, introducing product innovation and modern management and information systems, and bringing higher skills and expertise to host countries. At the same time, the rise of pan-African banks presents new challenges for regulators and supervisors. As networks expand, new channels for transmission of macro-financial risks and spillovers across home and host countries may emerge. To ensure that the gains from cross border banking are sustained and avoid raising financial stability risks, enhanced cross-border cooperation on regulatory and supervisory oversight is needed, in particular to support effective supervision on a consolidated basis. This paper takes stock of the development of pan-African banking groups; identifies regulatory, supervisory and resolution gaps; and suggests how the IMF can help the authorities address the related challenges.



IMF Opens Africa Training Institute in Mauritius

Africa Training Institute (ATI) Logo

The International Monetary Fund (IMF) on June 26, 2014 opened the Africa Training Institute (ATI) in Ebene, Mauritius, adding an important regional center to a global network of centers helping to develop countries' policymaking capacity by transferring economic skills and best practices.