Manyi says president Cyril Ramaphosa should have known better that IMF and World Bank are not father Christmas, but the undisclosed terms and conditions of the loan will have an impact on the policies that South Africa will have to take in the future.
"The R11.4 billion dollar loan is the most idiotic thing to do. Ramaphosa should have asked either the SARB or PIC for the money.
The IMF is not Father Christmas, the fine print in that unpublished agreement will impact on policy choices for South Africa.This is really a dumb move," said Manyi.
Mzwanele Manyi's utterances comes after Health Minister Joe Phaahla says the loan taken by South Africa from the World Bank will ensure government accelerates its COVID-19 response.
The World Bank granted South Africa a loan of R11.4 billion, but several critics feel that this is another opportunity for top government officials to loot more in the same manner they did when the country was given R500 billion which allegedly disappeared.
Tokyo Sexwale, an ANC veteran had claimed that the R500 billion that South Africa previously received was looted using untraceable accounts, but till date no substantial evidence have been presented to verify his claims.
ANC comrade and former Youth League deputy president, Andile Lungisa argued that these loans from International Monetary Fund and World Bank are an end to South Africa's sovereignty as they come with some terms and conditions.
"The money taken from IMF and World Bank confirms the end of our sovereignty. This moment exposes the junior native bourgeoisie as they really are: callous-contemptuous and self-righteous coteries that have assimilated the ethos and spirit of the colonial bourgeoisie," he said.
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