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20 Feb 2021 06:02:12 UTC
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ANC says no to the IMF
South #Africa's Reserve Bank cuts the lending rate by 100 basis points to just 4.25 percent and refuses to print money to finance the government's budget deficit. These sound macro policies are impressive in the face of the #Wuhan #corona #virus, #COVID-19.
Meanwhile, Finance Minister #Tito #Mboweni tells us the #ANC govt will not seek #IMF assistance as it can do without structural adjustment programs.
In this crisis the IMF has stated it is being flexible and we can expect it to NOT attach conditions to lending in the face a a global economic crisis. So why the reticence? The dirty secret is the ANC does not want daylight to shine on its broken macro-economic policies that are impoverishing millions, perpetuating wealth disparity and racial inequity, all in the name of claiming to achieve exactly the opposite. #SOE, #BEE, #NHI, state capture and #EWC are all caustic to South Africans' well being, but wonderful for the ANC retaining power (at least in #Luthuli House's mind).
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Meanwhile, Finance Minister #Tito #Mboweni tells us the #ANC govt will not seek #IMF assistance as it can do without structural adjustment programs.
In this crisis the IMF has stated it is being flexible and we can expect it to NOT attach conditions to lending in the face a a global economic crisis. So why the reticence? The dirty secret is the ANC does not want daylight to shine on its broken macro-economic policies that are impoverishing millions, perpetuating wealth disparity and racial inequity, all in the name of claiming to achieve exactly the opposite. #SOE, #BEE, #NHI, state capture and #EWC are all caustic to South Africans' well being, but wonderful for the ANC retaining power (at least in #Luthuli House's mind).
-----
If you like the content, please take a moment to subscribe to my channel and click on the "bell icon" to ensure you get personal updates from my channel
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Comments are most welcome, discourse is always helpful
Learn more about me or contact me through LinkedIn: https://www.linkedin.com/in/col-ret-william-m-chris-wyatt-85a5334/
Music credit: http://www.bensound.com
...
https://www.youtube.com/watch?v=SY4cvxm9jSg
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