Hein Kaiser
3 minute read
22 Jan 2022
5:00 am

R11bn loan from World bank a ‘theft risk’ in SA, warns expert

Hein Kaiser

South Africa’s total debt stands at about $261 billion (about R4.2 trillion) interest and repayment terms of loans remain a mystery, for now.

South Africa has yet again borrowed a mountain of cash from the World Bank. It is more than R11 billion and it is supposed to be for socioeconomic recovery efforts due to the pandemic. It’s not the first Covid-related loan, either. Last year June, the International Monetary Fund lent the fiscus R70 billion in immediate Covid relief. In its statement announcing the loan, Dondo Mogajane, director-general of Treasury said: “It will assist in addressing the immediate challenge of financing critical health and social safety net programmes, while also continuing to develop our economic reform agenda to build back better.” South...