Approaching the international lender for a loan is questionable and dangerous considering its chequered past and insufficient resources to finance a Covid-19 stimulus and recovery.
Breaking from 26 years of reticence, South Africa has decided to apply for a loan from the International Monetary Fund (IMF), the mashonisa (lender) of international finance. The hook, an apparently innocuous loan that has an interest rate of 1% and few conditions, will result in the gradual loss of monetary sovereignty.
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