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South Africa's Ramaphosa says nation working to attract private investment

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South Africa's Ramaphosa says nation working to attract private investment
FILE PHOTO: Nigerian President Muhammadu Buhari speaks during a news conference after a meeting with his South African counterpart Cyril Ramaphosa, in Pretoria, South Africa, October 3, 2019. REUTERS/Siphiwe Sibeko/File Photo   -   Copyright  Siphiwe Sibeko(Reuters)
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LONDON (Reuters) – South Africa is working to restore its institutions and secure private investment in order to grow the economy, President Cyril Ramaphosa told the Financial Times Africa Summit in London on Monday.

Ramaphosa, whose nation is struggling to gain economic growth momentum, also said they are open to outside investment in ailing state-owned carrier South African Airways (SAA).

“We are on record as saying we are open to the participation of the private sector. As we speak now, we’re talking to a few interested parties when it comes to SAA.”

He also said the government needs to pursue prudent fiscal policies, stabilise its debt and reduce risk with contingent liabilities in order to attract much-needed investment in the nation.

(Reporting By Karin Strohecker and Libby George; Editing by Toby Chopra)

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