January 24, 2018 (EIRNS)-Infrastructure development is a key driver of South Africa's growth prospects, with rail and water infrastructure being focal areas, Economic Development Minister Ebrahim Patel told the World Economic Forum in Davos, yesterday.
The IMF's revision is based on data from before the ANC's elective conference in December 2017, and thus does not factor in Ramaphosa's election win.
South Africa's rand steadied against the dollar early on Wednesday, holding at a two-and-a-half-year high, supported by a weaker greenback and expectations the new leader of the ruling African National Congress would rejuvenate the economy.
"We concurred that long-standing structural challenges continue to weigh on growth in South Africa", Lagarde said in a statement, adding: "We consequently agreed that bold and timely reforms are needed to create an environment conducive to job creation and less inequality".
The rand is trading at its best levels against the dollar since May 2015, according to Thomson Reuters data.
Economists and analysts have pegged much of the rand's strength on sentiment around Ramaphosa and the hope that Zuma's presidency will be cut short.
About 2500 leaders from politics, finance, business and science are expected to attend WEF18, including US President Donald Trump, India's President Narendra Modi, French President Emmanuel Macron and German Chancellor Angela Merkel.
"Constitutionally, president Zuma still has 18 months - but in these 18 months many things can happen", Ramaphosa said.
When asked if his efforts would result in a few big scalps‚ Ramaphosa replied: "I am promising to our people ... that this is not a flash in the pan; we are going to go deep into the roots of this corruption‚ because it has been all-pervasive".
He said that Zuma was "naturally feeling anxious" about the transition of political power in South Africa.
He said his key interest is moving the country forward, not focusing on individuals.
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