First time South Africa borrows from IMF

in hive-167922 •  9 days ago 


The African National Congress, the ruling party in South Africa, has long been wary of the IMF. When Nelson Mandela came to power in 1994, the fund sought to help his new government. In the end, Mandela saw the potential benefits of cheap loans, but the National Congress rejected the proposal.

Opposition groups called for a boycott of the IMF. However, South Africa said on July 27 that it had agreed to a $ 4.3 billion loan from the IMF. The agreement, signed by South Africa, is one of 78 countries that have received Covid-19 support, not a standard IMF program.

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