The Institute of International Finance has advised South Africa to seek funding from the International Monetary Fund given its high debt levels, large capital outflows and a potentially deep recession. The IIF said it expected South Africa’s economy to contract by 2.5 percent in 2020, but said waning demand, travel restrictions and pandemic-related closures could lead to a deeper recession. The group, which was created by 38 banks in leading industrialised countries, called South Africa's economic situation "increasingly untenable". It said entering a program with the IMF could bring much-needed funding and help shore up investor confidence. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices