HILARY JOFFE: Critics raise questions on timing and pricing of global bond issue
27 April 2022 - 19:24
Two years ago, in the depths of the fiscal crisis wrought by Covid-19, SA finally broke a long-standing taboo and resorted to borrowing from the IMF, which was doling out quantities of emergency funding to pandemic-hit countries.
That opened the way for SA to borrow a total of more than $8bn in hard currency from international financial institutions (IFI), including the New Development (Brics) Bank (NDB) and most recently the World Bank, at rates way lower than those at which SA could raise dollar debt on international markets...
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