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SA financial predicament can be solved by economic growth, not by borrowings - Mashaba.

Source: https://twitter.com/HermanMashaba/status/1484820160871649284?s=20

President of ActionSA, and the former Mayor of Johannesburg Herman Mashaba has taken to famous micro-blogging platform Twitter to publicly advise South African president Cyril Ramaphosa about the borrowing of loans from an international financial institution.

Herman Mashaba in a statement said that the financial problem of the country cannot be solved by borrowing loans, but by economic growth.

See his post below;

"Someone please advice President Cyril Ramphosa that South African financial woes can only be addressed by Economic Growth, not by borrowings."

Many other individuals most especially South Africans have reacted to this post, see their responses below;

@makhanip tweeted,

"The hullabaloo about the world bank is steeped in ignorance. SA borrows 2 billion Rand's a day on the capital markets through the issueance of Treasury Bonds. The interest rate is a whopping 8%. A world bank/IMF loan is less than 2%. SA also contributes money to W/B, must it forget"

@Mphilemsomi tweeted,

"I hate to say it but His Excellency President Jacob Zuma was right again about IMF and World Bank, the R500 Billion Covid Relief Funds loan consequences"

@AllenDelport tweeted,

"Tito said by 2024 we would be bankrupt in SA with serious repercussions…..#Cyrilmustgo we are closing in…."

My opinion

I think Herman Mashaba is right on this, the South African government needs to start working on its economic growth. They should stop relying on loans from other countries or international financial institutions, this will not help the country to move forward. They should learn from other developing African countries.

What do you have to say concerning this matter? Do you think Herman Mashaba is right or wrong on this? You can leave your thoughts and expressions in the comments section below. You can also share, like, and follow me up for more updates and info on the latest and trending news. Thanks for taking the time to read this article.

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