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EFF REJECTS INTERNATIONAL MONETARY FUND LOAN

Written by Sara@Dbstech.Co.Za on 13 August 2020
Tags:
Politics

EFF REJECTS INTERNATIONAL MONETARY FUND LOAN

The EFF has rejected South Africa’s R70 billion loan from the International Monetary Fund. This comes after the IMF’s executive board approved South Africa’s request for emergency financial support. President Cyril Ramaphosa announced that the country would be seeking money from the IMF to help fight Covid-19 in the country and help those who are severely affected by the virus and the economic challenges it has brought about. The EFF says this money comes with conditions that will ultimately compromise the country’s dominion in the world, saying it will take many years for South Africa to even begin paying the money back. The EFF says South Africa should be concerned with wealth creation and generation instead of borrowing money.