An evaluation of the IMF mission document on economic policies for a new South Africa

Abstract

In January 1992, an IMF occasional paper entitled "Economic Policies for a New South Africa " (IMF 1992) was issued. As stated in the Preface, the study was intended as a contribution to the debate regarding the appropriate economic policies to be pursued in a new South Africa, The authors of the study have drawn heavily on the work of the IMF 1991 Article IV Consultation Mission to South Africa, but insist that the opinions expressed in the paper are their own, rather than those of the South African authorities or of the IMF. Nevertheless, the central message is in total conformity with the broad economic philosophy of the Fund. The purpose of this paper is to criticize the policy emphasis and major conclusions of the IMF occasional paper and, by so doing, to add a new perspective to the dialogue concerning an economic policy agenda for South Africa's transition to democracy.