IMF Managing Director Kristina Georgieva said the fund has received over 100 requests for aid from its members, and developing countries will need about $2.5 trillion to deal with the impacts of the coronavirus pandemic. AFP/File/Olivier DOULIERY
Going cap in hand to the International Monetary Fund to bail out your country is nearly always a sign of government failure. Whichever way you look at it, the announcement that South Africa has secured a $4.3 billion loan from the global institution is not something to celebrate. The negatives are that the IMF will often impose conditions, such as the infamous “economic structural adjustment programmes” which have been applied previously in other cash-strapped countries.
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