• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Politics

SACP unhappy with IMF loan to government

3 August 2020, 10:24 AM  |
SABC SABC |  @SABCNews
[File Image] SACP spokesperson Dr Alex Mashilo was speaking on Morning Live on Monday morning.

[File Image] SACP spokesperson Dr Alex Mashilo was speaking on Morning Live on Monday morning.

Image: SABC News

[File Image] SACP spokesperson Dr Alex Mashilo was speaking on Morning Live on Monday morning.

The South African Communist Party (SACP) general secretary Blade Nzimande says they are unhappy with a government loan from the International Monetary Fund (IMF).

The International Monetary Fund (IMF) approved R70 billion loan to the South African government.

More than 70 countries have received financial assistance from the IMF to help in efforts to cushion the impact of the COVID-19 pandemic.

The SACP believes that the loan exposes the country’s economy to what it says is ‘imperialists interest’.

The loan will help mitigate the social and economic impact of the coronavirus pandemic.

SACP has described the move as a “grievous mistake”.

Its spokesperson Dr Alex Mashilo has warned that if the National Treasury continues with its ‘neoliberal structural programmes’ government and the communist party will meet in the streets.

Mashilo adds that government did not consult them

In the video below, SACP explains why they are unhappy with the IMF loan:

Jammine backs govt decision on IMF loan

Economist Azar Jammine has backed government’s decision to seek financial assistance from the International Monetary Fund (IMF) to mitigate the impact of the coronavirus pandemic.

Jammine says the country would otherwise need to borrow money from capital markets at higher interest rates of between 8% to 11%.

He says the IMF loan has the best possible offer with lower interest rates.

“The beauty about the IMF loan is that it gives us a little bit of a break on R70 billion out of the R775 billion that we have to borrow this year. In other words, for about 10 percent of our debt that we have to borrow, we [are] getting at 1.1%.”

“By going to the IMF and getting a loan at 1.1% per annum instead of 8-10% per annum, we will effectively be saving around [between] R8 [or] R9 billion of government spending every year. That would have otherwise had to go on servicing debt,” explains Jammine.

In the video below, is a discussion on the loan:

Share article
Tags: International Monetary FundBlade NzimandeSouth African Communist PartyAlex Mashilo
Previous Post

Norma Gigaba case postponed to next month

Next Post

Khoisan Defiance Campaign says Etzebeth must still face the Equality Court

Related Posts

SA hopes to gain insights from China’s developmental agenda

22 September 2023, 9:30 PM
[FILE IMAGE] William Nicol Drive, during the start of the Covid-19 lockdown.

ANC welcomes renaming of William Nicol to Winnie Mandela Drive

22 September 2023, 7:25 PM
Afriforum lawyers and members including Ernst Roets outside the court.

AfriForum seeks Justice Keightley’s recusal in ‘Kill the Boer’ case

22 September 2023, 11:35 AM

VIDEO: Paul Mashatile National Assembly Oral Reply Session

22 September 2023, 9:22 AM
[File Image]: Deputy President Paul Mashatile answering questions in the National Assembly.

Mashatile back in National Assembly for another oral reply session

22 September 2023, 9:13 AM
Angry business locals call for the immediate removal of foreign nationals who operate in the CBD.

NAFCOC demands government’s intervention in prolonged legal battle

22 September 2023, 9:08 AM
Next Post
Springbock lock Eben Etzebeth was accused of physical and racial abuse outside a pub in the Western Cape Town, just before the 2019 Rugby World Cup.

Khoisan Defiance Campaign says Etzebeth must still face the Equality Court

Most Viewed

  • 24hrs
  • Week
  • Month
  • UPDATE: Public warned not to go to W Cape beaches as another spring tide expected
  • Spring high tide leaves trail of destruction along Garden Route
  • Concern over exclusion of foreign nationals from Road Accident Fund
  • “Motsoaledi’s ZEP leave for appeal has no prospects of success”
  • Congregants gather at Motse Maria Roman Catholic Mission in Limpopo
  • High waves and rough water conditions force beach closures in the Western Cape
  • Prince Mangosuthu Buthelezi to rest in the town he built and nurtured
  • NSPCA files criminal case against Julius Malema for alleged animal cruelty
  • Snow, heavy rainfall expected in parts of KZN: SAWS
  • Cold-front sweeps across SA bringing snow and chilly temperatures
  • Concern over exclusion of foreign nationals from Road Accident Fund
  • Limpopo multi-million rand water treatment, sewage project abandoned
  • Gqeberha on high-alert following disruptive weather warnings
  • AfriForum seeks Justice Keightley’s recusal in ‘Kill the Boer’ case
  • R103 to be closed for demolition of Lynnfield Bridge on N3 towards Durban

LATEST

Rain
  • South Africa

Gqeberha on high-alert following disruptive weather warnings


Israeli Prime Minister Benjamin Netanyahu
  • World

Israel on cusp of region-reshaping peace with Saudi Arabia, Netanyahu says


  • Politics

SA hopes to gain insights from China’s developmental agenda


  • South Africa

231 rhinos lost to poaching in SA this year, ongoing concerns on World Rhino Day


[FILE IMAGE] A fire destroys residential properties.
  • South Africa

ANC building up in flames in Port St Johns


  • South Africa

Joburg Water monitors troubled water systems closely


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Norma Gigaba case postponed to next month
Next Khoisan Defiance Campaign says Etzebeth must still face the Equality Court