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'The minute the IMF loan arrives in central bank account it's gonna disappear'

27 July 2020 1:35 PM
Tags:
IMF
COVID-19
imf loan

Economist Duma Gqubule shares his views on SA's application for roughly R70-billion in COVID-19 related emergency funding.

The International Monetary Fund's (IMF's) executive board is set to meet in Washington on Monday to decide on whether or not it will approve South Africa application for roughly R70-billion in Covid-19 related emergency funding.

Economist and founding director at the Centre for Economic Development Duma Gqubule shares his views on the matter and what the implications may be.

This is a sad day for South Africa when we have to go beg to the IMF and it's the start of a slippery slope towards a fully fledged IMF structural adjustment programme, so I believe that this is the government politically preparing the country for a full on structural adjustment programme.

Duma Gqubule, Economist and founding director - Centre for Economic Development & Transformation

I did speak to the IMF and they were saying that the conditions are that you have to explain how you're going to pay the money.

Duma Gqubule, Economist and founding director - Centre for Economic Development & Transformation

The budget deficit this year alone is going to more than R700-billion, so the loan is less than 10 percent of the budget deficit of this year alone so the minute it arrives in the central bank's account, I think it's gonna disappear within a very short time.

Duma Gqubule, Economist and founding director - Centre for Economic Development & Transformation

Click on the link below to hear the full interview...


27 July 2020 1:35 PM
Tags:
IMF
COVID-19
imf loan

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