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SOUTH AFRICA Filling a Once-Empty Cupboard

机译：南非填充一个空的橱柜

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On may 9 this year, barclays plc, united kingdom's third biggest bank and one of the world's top ten banks, announced it would acquire 60 percent of South Africa's biggest retail lender, Absa. The deal will result in an injection of around R33 billion into the SA economy—the biggest foreign direct investment in the country's history. "This transaction is indicative of an increasingly positive investment outlook for South Africa," says South African Reserve Bank Governor Tito Mboweni. David Roberts, chief executive of Barclays International Retail and Commercial Banking believes South Africa has undergone a dramatic transformation. "It is a stable, well-run, well-regulated economy with exciting growth prospects," he says. "The banking sector is very strong, profitable and well regulated and assets have been growing at double digit rates over the past five years." The euphoria over the deal marks a stark contrast with the start of South Africa's democracy in April 1994, when Nelson Mandela's African National Congress (ANC) swept to power to find an empty economic cupboard. Most International sanctions and inexplicable apartheid economics have led to high inflation, massive domestic debt, debilitating unemployment and a budget deficit that teetered on the brink of becoming a debt trap. Foreign direct investment was nil. "We inherited a disaster," says President Thabo Mbeki bluntly. Since then, however, the ANC government has established macroeconomic stability, brought predictability and transparency to the budget process and reformed the tax system. Much of the credit goes to Mbeki—who beat down his trade union allies' vociferous opposition to his market-driven Growth, Employment and Redistribution (Gear) strategy—and to his Finance Minister, Trevor Manuel. Since 2001, the emphasis of fiscal policy has shifted from macro-economic stabilization and reprioritization of spending towards supporting the country's growth momentum.
机译：今年3月9日，英国第三大银行，全球十大银行之一的巴克莱银行宣布，将收购南非最大的零售银行Absa 60％的股份。这笔交易将为南非经济注入约330亿兰特，这是该国历史上最大的外国直接投资。南非储备银行行长蒂托·姆博瓦尼（Tito Mboweni）说：“这笔交易表明南非的投资前景日益乐观。”巴克莱国际零售和商业银行首席执行官戴维·罗伯茨（David Roberts）认为，南非已经发生了翻天覆地的变化。他说：“这是一个稳定，运行良好，监管良好的经济，增长前景令人振奋。” “银行业非常强大，盈利并且受到良好的监管，过去五年来资产一直以两位数的速度增长。”这项交易的兴高采烈与1994年4月南非民主制度的开始形成了鲜明对比，当时南非纳尔逊·曼德拉（National Mandela）的非洲人国民大会（ANC）席卷大权，以寻找一个空的经济橱柜。大多数国际制裁和莫名其妙的种族隔离经济学导致了高通胀，沉重的国内债务，使人衰弱的失业和预算赤字，而这些赤字已经步入了陷入债务陷阱的边缘。外国直接投资为零。塔博·姆贝基总统坦率地说：“我们继承了一场灾难。”但是，自那时以来，ANC政府建立了宏观经济稳定，为预算程序带来了可预测性和透明度，并改革了税制。大部分功劳归功于姆贝基（Mbeki）和他的财政部长特雷弗·曼纽尔（Trevor Manuel），姆贝基击败了工会盟友对市场驱动的增长，就业和再分配（Gear）战略的强烈反对。自2001年以来，财政政策的重点已从宏观经济稳定和支出的优先次序转向支持该国的增长动力。

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