South Africa has already successfully mobilized 35% of the $100 billion it was planning to raise in the five coming years, Trudi Makhaya (photo), economic advisor at the South African Presidency indicated during an interview with Reuters.

According to the official's statements reported by the American media, for the time being, the $35 billion are just pledges. Saudi Arabia and the United Arab Emirates pledged $10 billion investments each while China promised $15 billion.

As the country is going through a period of economic crisis, its president Ramaphosa who assumed office last February announced sets of measures to attract billion dollar investments in the country in the next five years and reduce the rising poverty rate. To that effect, Makhava indicated that an investments summit would be held in Johannesburg next October 26 to raise funds from investors (foreign companies and governments) in the framework of the new national economic policy.   

At just months to the presidential election, the country's recent economic outlooks seem really low. Indeed, according to a recent report published by IMF, South Africa’s economy would grow to 0.8% in 2018 and 1.4% in 2019, a decrease compared to former forecasts.

Moutiou Adjibi Nourou