Johannesburg - South Africa may approach the International Monetary Fund and World Bank for funding to fight the coronavirus that threatens to drag the country's economy deeper into recession, Finance Minister Tito Mboweni said in the Sunday Times newspaper.
"This morning in a conversation with the Reserve Bank and the Treasury I indicated that we should proceed and speak to the IMF and the World Bank about any facility that we can access for health purposes," Mboweni said in an interview with the weekly newspaper. South Africa entered a 21-day lockdown on Friday, with people restricted to their homes and most businesses shuttered. The country has reported 1 187 cases of coronavirus and now almost certainly faces a deep recession.
On Friday, the country lost its last investment-grade credit rating when Moody's downgraded South Africa to junk, citing persistently weak growth, fast-rising debt and the impact of an unreliable electricity supply. "We take no ideological position in approaching the IMF and World Bank. They are creating facilities for this environment and SA should also take advantage of those facilities in order to relieve pressure on the fiscus," Mboweni said in the interview.
WHITE MANOPOLY CAPITAL?
Where is BRICs ? Or is the cost of the help to expensive?
Rather recoup the looted millions and prosecute a few politicians amongst other thieves!!
- something to consider Tito - conspiracy, perhaps, but sounds credible and logical - watch to the end, skip the intro.
The IMF and the World Bank are financial institutions that only seek to enslave developing countries. Since you have the time go out and get a book titled 'Confessions of an economic hitman by John Perkins'. It is an essential read, for knowledge.
Absolute idiot as Fin Minister. All the costs will be in ZAR.
Pls borrow from BRICKS
I see...more trouble...
Sell state assets... but not to the Chinese
How will lending more solve the problem...
Nooooooooooo!
Western strategists are so good at they do ...
Lord heavenly father😩😩😩😩
Time for TreasuryRSA to stop Bailouts to SAA SABC and other loss making State Utilities. Work hard on recouping the looted billions.. Stop protecting cadres. Have them arrested. CoronaVirusSA
Is the +R3 billion not enough tito_mboweni CyrilRamaphosa PresidencyZA ? POWER987News Radio702 jozifm SAfmRadio News24
“Health”. I think he means “robbery”
WHY?
Junk status has nothing to do with corona virus. Infact we waited for it last year. They musnt fool us. Its their failure, bunch of morons.
Why, China will do it for free. Why sell our sovereignty for something the IMF ThumaMinions have done? They brought this virus here.
Almost every country that loans from the IMF ends up worse than they were before. The IMF was created to keep countries in debt forever, nothing else.
If this is not fake news then we taking the wrong route why dont we ask our own super rich to support then put tax incentives in place for period of time or use pension funds then find ways of paying them than to get our selves in debt
There is no need. Use the malaria drugs and get the country back to work.
Why not Brics Bank?
Who ever advised him to approach IMF that person is a fool..
Told you that the day will come where the West is greeted with outstretched hands by South Africa
We can make other mistakes steal money, fail to deliver services to people of South Africa but.... We must not make mistake of taking money from IMF
tito_mboweni thw world bank is a good idea,but not only to beat the virus, we need an economic stimulus package that must include tax incentives,funding for the SMB sector that employs more people,low interest loans... lets give the economy the attention it deserves asap
Why get us into debt when we in so much indebtedness.
This is one of the reasons the ANC must collapse, doesn't matter who is at the help the bus is inefficient
It’s about time! these funds had the Coronavirus relief provisions since about a month ago. SA always finds itself at the hind teat for some reason.
gavdavis First they drag the country to junk status, now they go begging for money?
WHITE MANOPALY CAPITAL..
To enrich who? Comrades. ..we've seen the country take loans with minimal or no developments at all. ANC wants to do to SA what they've done in metros. Empty resources. .unable next government flexibility and tell people they are stealing. They want to be in government forever
So quick re kena ho mashonisa?
Has R3 billion already depleted...? Or was this a directive from the R1 billion gang?
Just an excuse to cover the fckup they made over the last 26 years. tito_mboweni
Are they nuts?!
SA has lost over R4 TRILLION ALREADY because of the fraud, corruption, wasteful expenditure, irregular expenditure and state capture in the MYANC regime. Time to re-call them & have them placed under administration. No need for an IMF bailout then.
Deeper?!!!!
IMF is a REALLY BAD idea!!
This time they got us 'ka dithala'. World order. The culprits will be blaming COVID19.
What happened to three billion that was donated
You were always going to go to the IMF, please don't use cornovirus as the excuse
How much do we need? tito_mboweni
Why though, why?
Kanti why are they not using the R3Billion & what exactly is the purpose of the Solidarity Fund?
The Economic hitman readies himself to create another casualty
This is another reason why they have dumped BRICS to enforce neo liberal ideologies of the world order mxm
_AfricanSoil Listen to these people bebheda... When Msholozi came with a solution to situations like this by starting BRICS development Bank they ignored but look now
BRICS development Bank was for crisis like these but you played nonsense politics instead of making the plan to work for us. Mxm
We were always going to go to the IMF Corona just pushed us their faster Clearly you dn't HV answers to changing this minority-owned economy Going to IMF, is tantamount to us putting the chains on ourselves This will enslave us, as we will lose our sovereignty & decision making
They did it in 1994 and those monies are not fully paid to this date now they want more. That's why America is dictating on how SA must be governed simple because we owe them.
How much does SA need to borrow from IMF & World bank to fight this pandemic?
Let us lose those billions we do not want to be indebted for the rest our miserable lives and our grandchildren
If you do that.....SA WILL BE COMPROMSED WORST THAN THE VIRUS.....WESTERN POWERS WILL ENSLAVE US ALL
What's the point of having a Reserve Bank?
Oh my LORD, when are fetching the looted resources from criminals masquerading as politicians dawn_africa and stop pushing the country into further debt?
So R3Bill is not enough, u want more skoloto nalamaqola eIMF. Ave nisidayisa kodwa
R3 billion yethu kaloku, masithatheni kuyo
They will tell us to Fokof.
COVID-19: Here is what you do: 1. Halt all govt debt repayments. 2. Haul all available export coal to Eskom stockpiles. 3. SAA is closed: Never reopen it. 4. Send all on UIF database R1,000 pm for rent/food. 5. Send all SMMEs on CIPC R10,000 pm for rent/wages. 6. Thank me later.
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South Africa may approach the IMF for 'health funding' - MboweniSouth Africa may approach the International Monetary Fund and World Bank for funding to fight the coronavirus that threatens to drag the country's economy deeper into recession, Finance Minister Tito Mboweni said in the Sunday Times newspaper. Hete we go. Health funding to be used for the personal financial health of ANC/SACP cadres. Game over Ku - bird
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