‘Divert pensions to stave off IMF’
ANC eyes R6-trillion controlled by asset managers as a better option than a bailout
The ANC's economic policy guru has reiterated the party's desire for the government to raid private and public pension funds to raise money to rescue ailing state-owned enterprises (SOEs) and meet its financial obligations.
Enoch Godongwana, head of the party's economic transformation subcommittee, said the asset management industry, which includes pension funds, insurers and other investors, is sitting on R6-trillion under management and should lend some of this to the state. He said this was a better option than approaching the International Monetary Fund (IMF) or World Bank for a bailout.