Mbeki ridicules Ramaphosa’s economic blueprint

FORMER South African president Thambo Mbeki has asked current head of state Cyril Ramaphosa to provide details of how he plans financing the economic reboot.

Bloomberg reported over the weekend that, the economic reboot in Africa’s most industrialised economy as announced hinges on increased spending on infrastructure, but how such would be paid for was absent.

It is reported that Mbeki, in an article published in the Sunday Times said Ramaphosa’s economic plan risks being a “mere vision until resources are made available to enable their implementation.

Mbeki, a fellow member of the ruling African National Congress party, said Ramaphosa’s statements on funding for the projects are “worrying” and implored the government to publish a financing plan that’s “realistic and credible.”

The document should indicate how much capital would come from the public sector and the private sector, he said.

“This is important because the country suffers from serious fiscal constraints. The cost of borrowing would be quite high given the sovereign rating downgrades and serious uncertainties about the future,” he said.

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