IMF R70bn loan: the ‘biggest political blunder’

Johannesburg - Political parties have continued to lament the International Monetary Fund’s decision to approve South Africa’s R70 billion loan with the EFF, saying that loans for the IMF always came with neo-liberal and neo-colonial conditionalities.Party spokesperson Vuyani Pambo said that they rejected the decision of the IMF’s executive to approve South Africa’s request for the R70.7bn.

Pambo added that they were concerned that the rush to borrow money from the IMF was considered as the first option when there was sufficient money on the domestic capital market, current accounts in surplus and reserves. “This is the first time since before 1994 that we have had to resort to IMF borrowing and is a profound signal of the frailty of our economy following years of mismanagement, bad policy and corruption.

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