The party wants government to rather look to the East, especially China for loans.
The World Bank approved an R11.4 billion loan for South Africa.
EFF Member of Parliament, Omphile Maotwe says government’s borrowing from Western financial institutions is unnecessary.
“Instead of collecting all these senseless loans from the World Bank, South Africa should enter into meaningful development with China. We must enter into partnerships that will build water, transport, sanitation, housing, education and infrastructure.
We must build high speed trains from Mosina to Johannesburg. From Johannesburg to Cape Town and from Johannesburg to Durban, and from Pretoria to Moloto. We must build high speed infrastructure into all rural areas. We must improve and expand our road networks from Braide bridge border all the way down to the Sea Point. We must build new cities with new industrialists.”
In the video below, SA borrows over R11 billion from World Bank:
The National Treasury in January outlined its plans for the over R11.4 billion loan that the World Bank approved for South Africa.
The loan is intended to support government’s efforts to accelerate its COVID-19 response aimed at protecting the poor and vulnerable from the impact of the pandemic.
Director-General at the National Treasury, Dondo Mogajane said, “What we said we will do, because it is in dollars, we will just keep it as a buffer because we have to have some reserves during dry times to make sure that when we need it,from a cash management and flow point of view, at the right time we will convert it. But for now, we will keep it. We are not about to compromise the sovereignty of the state. We said that at the time we got the loan from the IMF, we are not going to do that.”
SA borrows over R11 billion from World Bank [ January 2022]
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