The National Treasury wishes to announce that the International Monetary Fund released its 2002 Article IV Staff Report on South Africa today.
Government finances continued to be strong particularly at the levels of the central and provincial governments.
The exchange rate depreciated sharply toward the end of 2001. The exchange rate however regained all of this lost ground during 2002.
Conditions in the labour market improved with the introduction of legislation to streamline the arbitration process, and allow for more flexibility in employment.
Social Development Indicators show an increase in the living conditions of the poor.
South Africa continued to play a leadership role on the African continent, through various initiatives including NEPAD and through contributing to the peace process in conflict countries.
The release and findings of the report reflect Government's continued commitment to sound fiscal and monetary policy, and commitment to greater transparency.
A copy of the full report is available on the International Monetary Funds Web Page at the following address: http://www.imf.org and on the National Treasury's Web Page at the following address: http://www.treasury.gov.