At the same time, embattled President Jacob Zuma admitted that the economy may not hit the forecast 1.3 percent growth target set by his government, and urged political allies to discuss policies, including land redistribution, to revamp the economy.

He called for “radical solutions” — albeit within the constitution — to redistribute land to the country’s black majority.

Both men were speaking at a conference of the ruling African National Congress (ANC), which will be looking for a new leader to replace Zuma in December.

South Africa is in recession and has an unemployment rate of close to 28 percent. It is also immersed in political rows over Zuma’s abilities and over how independent the central bank should be.

Gigaba, who was appointed as finance minister in March after Zuma sacked internationally respected Pravin Gordhan, said South Africa may need to get outside financial help.

“Should the main indicators continue to disappoint any further we may have to seek assistance from quarters we have thus far avoided,” Gigaba added, without elaborating.

Asked by Reuters if he was referring to the International Monetary Fund, Gigaba smiled and said “Any”.

The rand extended its losses against the dollar as much as 0.7 percent lower, while bonds weakened after Gigaba’s comments on the possibility of seeking outside assistance.

Isaac Mashego, senior economist at Nedbank, said with slow economic growth, the government is going to have to borrow more.