Finance Minister Tito Mboweni has told Parliament’s standing committees on finance and appropriations that something needs to be done to rescue the economy before it becomes worse.

He was speaking to the joint sitting of the committees following his Medium-term Budget Policy Statement on Wednesday.

“The disappointing economic growth ratings in South Africa is an issue that should concern all of us. If you recall, at some point the economy grew even to levels of about 5%. In fact, at that stage, the potential outlook in South Africa was about 4.5%. And we even go above the potential output, and we began to have some supply side constraints if you recall at the time.”

Mboweni has warned that if South Africa does not get its financial affairs in order the country will be left with no choice, but to approach the International Monetary Fund (IMF) cap in hand.

“When that happens, you are very close to have very serious conversation with the IMF. And they are going to come over and take your finances through a very handed structural adjustment programmes, and we do not want to be there. So, whether you like the IMF ideological, practical … when you get to the debt trap, thats where you gonna end up.”

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