EDITORIAL | To save SA, the ANC must lose its allergy to the IMF
Reaction to Tito Mboweni’s comments on an IMF loan signals what’s wrong with SA’s economic policy debates
The present is unfamiliar and so it calls for extraordinary measures. As we waited for President Cyril Ramaphosa’s announcement on Tuesday night of government’s expanded economic and social relief plan, as part of the national response to the Covid-19 pandemic, we learnt he had told the ANC’s top brass that SA will need about R1-trillion to cushion the impact of the crisis.
The TimesLIVE (https://www.timeslive.co.za/politics/2020-04-20-ramaphosa-tells-anc-that-sa-needs-r1-trillion-for-covid-19-relief-insiders/) report on Ramaphosa’s meeting with members of the ANC’s National Working Committee also revealed that the president spent some time explaining to his comrades finance minister Tito Mboweni’s statement that the country was considering going to the International Monetary Fund (IMF) for a loan.
Mboweni’s remarks predictably angered many of his colleagues in the ANC and its alliance partners, a number of whom are ideologically opposed to institutions such as the IMF and the World Bank...