Edgar Sishi, head of South Africa's budget office, resigned last week after playing a key role in stabilizing the country's public debt. Sishi submitted his resignation on February 25, coinciding with Finance Minister Enoch Godongwana's budget speech. He plans to join the International Monetary Fund, according to sources familiar with the matter.

Sishi's departure comes at a pivotal moment for South Africa's fiscal policy. The National Treasury confirmed he will leave at the end of March. His work helped create a framework that allowed the government to announce that the debt-to-GDP ratio would stabilize for the first time in nearly two decades, marking a significant turnaround in the country's financial trajectory.

The stabilization has given Treasury room to support weak economic growth and strengthened the case for potential credit rating upgrades. This development represents a major shift from the decade-long period when South Africa's credit rating was downgraded to junk status. Sishi's contributions to the fiscal framework have been instrumental in this turnaround.