World Bank’s ’insistence’ SA government commit to not bailing out SOEs welcomed

Cape Town – The Democratic Alliance has welcomed the World Bank’s insistence that the government commit to not bailing out insolvent state-owned entities using the $2 billion standard loan facility it has applied for, as well as to cutting the public wage bill.

Finance Minister Tito Mboweni is expected to outline plans to fund a revival in output when he presents the medium-term budget on Wednesday and is under pressure to earmark more money to bail out state companies.’’Such a bailout would be immoral, given the urgent social priorities in South Africa right now, and the need to bring debt under control,“ the DA said.

’’The World Bank has already shown good faith to South Africa by extending a $50 million unconditional emergency loan. Bloomberg reported that the World Bank’s conditions have stalled negotiations on the loan that began in April, a source said, asking not to be identified. The World Bank said it will only comment if an agreement is reached.South Africa this year has turned to multilateral lenders for the first time since the end of apartheid, overcoming political opposition from within the ruling party, as it tries to kick-start an economy forecast to contract the most in nine decades.

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