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Covid-19 Emergency Funding: EFF Rejects IMF $4.2 billion Loan

Julius Malema, the firebrand leader of South Africa's Economic Freedom Fighters (EFF) looks on before addressing his supporters during his campaign, ahead of the August 3 local government elections, in Etwatwa, a township near Benoni, South Africa July 27, 2016. REUTERS/Siphiwe Sibeko. TPX IMAGES OF THE DAY

The Economic Freedom Fighters (EFF) has rejected the R70 billion International Monetary Fund (IMF) loan to South Africa.

This in addition to R5 billion from the African Development Bank and the R16 billion from the New Development Bank.

The Executive Board of the IMF has approved the country’s request for the loan to help fight the COVID-19 pandemic.

Read more on SA’s IMF loan approval

The loan does not come with much stringent conditions and interest.

Pretoria is expected to pay back the loan in five years at an interest of just over 1%.

EFF spokesperson, Vuyani Pambo says the money will come with conditions that will ultimately compromise the country’s sovereignty.

The Congress of the People (COPE) has also reacted to the news about the loan.

COPE Spokesperson Dennis Bloem says with rampant corruption there is no guarantee that the money will reach and meet its intended purpose.

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Written by Ph

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