The Latvian remedy: A bitter economic pill

Friday, July 31, 2026 | 300 Views |

Tough choices: Gaolathe has initiated cost containment in government and is spearheading the economic structural transformation agenda PIC: PHATSIMO KAPENG

The World Bank recommends that government slash the deficit by at least three percent of GDP as soon as possible to avoid a freefall into a debt crisis. For this year, that would require a P8.1 billion spending cut at a time when taxes and inflation are rising. MBONGENI MGUNI reports

The World Bank and its Bretton Woods fellow, the International Monetary Fund (IMF) have a less than stellar history when it comes to giving governments in Africa advice about structural reforms in their economies.

In fact, many Africans, including those in the immediate regional neighbourhood, blame their persistent economic woes on structural adjustment programmes enforced by the IMF and supported by the World Bank in the 1980s and 1990s.

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