IMF, World Bank loans will trap South Africa in a cycle of debt: EFF

The Economic Freedom Fighters (EFF) is calling on the government to avoid applying for loans from international financial institutions such as the International Monetary Fund (IMF) and the World Bank.

EFF supporters gathered outside the Cape Peninsula University of Technology’s Cape Town Campus from where they are marching to Parliament to demonstrate against the loans ahead of Finance Minister Enoch Godongwana’s Budget Statement.

The EFF says the expropriation of land without compensation should be the main driver of economic growth in South Africa, rather than loans the country receives from the IMF or the World Bank.

EFF Deputy Secretary-General Poppy Mailola says the loans will trap South Africa in a cycle of debt.

Poppy Mailola says the country should instead focus on developing a system that will see young people growing the country’s economy by working the land they receive through expropriation and ownership.

EFF marches for an end to international loans

[HAPPENING NOW]: The EFF is marching to Parliament to demand an end to the crippling loans this government takes from imperialist institutions. #EFFParliamentMarch pic.twitter.com/qGeVJJk7Pj

— Economic Freedom Fighters (@EFFSouthAfrica) February 23, 2022

[In Pictures]: DP @FloydShivambu and EFF Officials and Commissars are leading the #EFFParliamentMarch against the economic terrorists, the World Bank and IMF. pic.twitter.com/IxvdESQOKr

— Economic Freedom Fighters (@EFFSouthAfrica) February 23, 2022

[HAPPENING NOW]: The ANC government keeps accepting loans from these global loan sharks to fund their corruption. #EFFParliamentMarch pic.twitter.com/JXQreMjlS6

— Economic Freedom Fighters (@EFFSouthAfrica) February 23, 2022