Cyril Ramaphosa defends ‘cheap’ IMF loan
President says funds will boost the government’s response to the economic crisis wrought by Covid-19
27 August 2020 - 19:56
President Cyril Ramaphosa on Thursday defended the government’s decision to approach the IMF for financial assistance, saying the loan has no stringent conditions attached to it and came cheap.
Responding to questions in the National Assembly, Ramaphosa said the loan from the lender of last resort will go a long way to boost the government’s response to the Covid-19 induced economic crisis. At an interest rate of 1%, the loan is cheap and does not come with any conditions that will threaten SA’s sovereignty...
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