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.
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.