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IMF loan: Wastage, corruption a worry but let's not be too pessimistic - Outa

28 July 2020 6:48 PM
Tags:
SA Economy
Corruption
The Money Show
OUTA
International Monetary Fund
Wayne Duvenage
Bruce Whitfield
Graft
organisation undoing tax abuse
Coronavirus
COVID-19
imf loan

South Africans' response to the R70 billion IMF loan is laced with cynicism. Bruce Whitfield interviews Outa CEO Wayne Duvenage.

The International Monetary Fund (IMF) announced on Monday that South Africa's been granted a R70-billion loan to counteract the devastating social and economic fallout of the Covid-19 pandemic.

RELATED: Here's what you need to know about the R70 billion IMF loan to SA

The news has been welcomed of course by the National Treasury, with Finance Minister Tito Mboweni saying the loan would support health and frontline services, protect the most vulnerable, drive job creation, unlock economic growth through reforms, and stabilise public debt.

However, in a country mired in corruption, citizens are (understandably) distrustful about where this injection of funds will actually end up.

The overriding sentiment on social media was one of cynicism about the self-enrichment we can expect to follow.

Bruce Whitfield interviews Wayne Duvenage, CEO of the Organisation Undoing Tax Abuse (Outa).

Well, if the track record is anything to go by, we're going to see a lot of waste. There are many examples of this happening right now, and it's is so sad when it happens to relief funding.

Wayne Duvenage, CEO - Organisation Undoing Tax Abuse

And prior even to the pandemic happening, we know that corruption is rife in this country and we just haven't got a lid on it... One worries the money might not be spent for the purpose it is intended despite the fact that they've said that they will do so transparently and with accountability.

Wayne Duvenage, CEO - Organisation Undoing Tax Abuse

Nevertheless, Duvenage cautions against being too pessimistic, while acknowledging that the public's getting frustrated with the lack of repercussions for those being investigated for corruption.

We see there are calls to put more resources into these decimated structures of law enforcement [like the Special Investigating Unit], but they are still hollowed out and moving at a very slow pace.

Wayne Duvenage, CEO - Organisation Undoing Tax Abuse

Let's just see. Let's also not be too pessimistic - there are incidents of corruption and they make the headlines and we assume as the public that everything has been lost to corruption.

Wayne Duvenage, CEO - Organisation Undoing Tax Abuse

Listen to the conversation on The Money Show:


28 July 2020 6:48 PM
Tags:
SA Economy
Corruption
The Money Show
OUTA
International Monetary Fund
Wayne Duvenage
Bruce Whitfield
Graft
organisation undoing tax abuse
Coronavirus
COVID-19
imf loan

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