CORRECTION: EFF clarifies China loan statement – SABC News

EDITORIAL NOTE: In an earlier version of this story, the SABC reported that the EFF had requested loans from China. This was not an accurate account of the statement and SABC apologizes for the error.

The Economic Freedom Fighters (EFF) have clarified their position that they seek meaningful partnerships, not loans, to create with countries like China to improve South Africa’s infrastructure and accelerate Development.

The party reiterated its call during Thursday’s debate in parliament on loans from the International Monetary Fund and the World Bank.

The World Bank recently approved an 11.4 billion rand loan to South Africa.

The EFF criticized the loan and demanded its cancellation. He says loans from these international financial institutions often come with restrictive conditions that impose economic and political policy on countries.

In the video below, SA borrows over R11 billion from the World Bank:

The National Treasury in January presented its plans for the loan of more than 11.4 billion rand that the World Bank has approved for South Africa.

The loan is intended to support the government’s efforts to accelerate its response to COVID-19 aimed at protecting the poor and vulnerable from the impact of the pandemic.

National Treasury Director General Dondo Mogajane said: “What we said we will do, because it is in dollars, we will just keep it as a buffer because we need to have reserves during dry spells for us. ensure that when we need it, from a cash and flow management perspective, at the right time, we will convert it. But for now, we’ll keep it. We do not compromise state sovereignty. We said that when we got the IMF loan, we’re not going to do that.

SA borrows more than 11 billion rand from the World Bank [ January 2022]



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