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بهترین سایت شرط بندی ایرانی
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Global Statistics

All countries
695,781,740
Confirmed
Updated on September 26, 2023 9:04 pm
All countries
627,110,498
Recovered
Updated on September 26, 2023 9:04 pm
All countries
6,919,573
Deaths
Updated on September 26, 2023 9:04 pm

Global Statistics

All countries
695,781,740
Confirmed
Updated on September 26, 2023 9:04 pm
All countries
627,110,498
Recovered
Updated on September 26, 2023 9:04 pm
All countries
6,919,573
Deaths
Updated on September 26, 2023 9:04 pm

ANC leadership supports talks with IMF for a loan

City of Cape Town urges people to leave Kataza the baboon alone

Kataza the baboon. Facebook / Baboon Matters The City of Cape Town has asked the public not to feed a baboon that has relocated to Tokai. The baboon, known as Kataza or SK11, is slowly being integrated into the Tokai troop. Video footage, however, shows humans feeding Kataza. The City of Cape Town has requested that Kataza…

Rassie: There are various benefits for SA rugby to go north

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Finance minister Tito Mboweni has tables an emergency budget to accommodate Covid-19 related expenses. (Gallo Images, Brenton Geach)

Finance minister Tito Mboweni has tables an emergency budget to accommodate Covid-19 related expenses. (Gallo Images, Brenton Geach)

Finance Minister Tito Mboweni has said he has the backing of the ANC’s leadership in approaching the International Monetary Fund for financial support to partly fund the country’s response to Covid-19.

During a media briefing on Wednesday following the tabling of the special adjustment budget, which modifies the main budget of February with allocations for Covid-19 response measures, the minister explained that the IMF’s staff will approach its executive board early in July to present the South Africa’s request for support.

“That tells a story that there is no way I would have proceeded to reach a decision with the IMF if the ANC leadership did not support it,” Mboweni said.

Mboweni said it is critical to understand that in these “borrowing arrangements” nothing has been done to “undermine” national sovereignty. He said that would have been “unsmart”.

He went on to explain that negotiations with lenders are required, because no one “will throw money” at you. Lenders want to know that their money will be returned, and this is why commitments must be made to return money.

  • READ | IMF to discuss SA request for coronavirus assistance

National Treasury has an international borrowing programme in which it issues government bond every year, but no one seems to be as interested in that as they are when it comes to loans from the likes of the IMF and World Bank, Mboweni said.

The IMF and the World Bank are known for the stringent conditions of their loans. However, loans for Covid-19 are not subject to normal IMF conditions.

The New Development Bank has recently approved a $1 billion (or R18 billion) loan to South Africa, similarly to fight the Covid-19 pandemic.

But Mboweni said if he had his way, he would rather not be in a position where SA has to borrow anything.

Negotiations with the IMF have been quite protracted, government wants to secure $4.2 billion from the institution.

Mboweni said that once the IMF accedes to SA’s request, it is likely the World Bank will follow suit.

Thereafter government will proceed with talks with the African Development Bank.

“This is not revenue, this is a borrowings, which means that they will have to be repaid at some point, with the requisite interest,” he emphasised.

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Hot Topics

City of Cape Town urges people to leave Kataza the baboon alone

Kataza the baboon. Facebook / Baboon Matters The City of Cape Town has asked the public not to feed a baboon that has relocated to Tokai. The baboon, known as Kataza or SK11, is slowly being integrated into the Tokai troop. Video footage, however, shows humans feeding Kataza. The City of Cape Town has requested that Kataza…

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City of Cape Town urges people to leave Kataza the baboon alone

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