Are Covid loans helping or harming SA?

An unemployed man on a street corner in Boksburg, 24 August 2021. Photo for illustration: citizen.co.za/ Neil McCartney

He added: “The World Bank budget support is coming at a critical time for us and will contribute towards addressing the financial gap stemming from additional spending in response to the Covid crisis.” In July 2020 the International Monetary Fund granted South Africa a R70 billion loan to support job creation and protection for businesses impacted by the Covid pandemic.

But as economist Dawie Roodt points out, only economic growth will remedy SA’s sorry financial state.

They will harm South Africa at the end. These are mostly expenditure funds that yield no return to the coffers of the country.

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