Eric Naki
Political Editor
2 minute read
7 Apr 2020
6:05 am

Tripartite alliance rejects Mboweni’s IMF, World Bank plan

Eric Naki

Rather than compromising South Africa’s sovereignty, the country should turn to the new Brics development bank and pension funds to pull through, it said.

Finance Minister Tito Mboweni. Picture: Twitter (@GCISMedia)

The ANC-led tripartite alliance has rejected Finance Minister Tito Mboweni’s plan to turn to the World Bank and the International Monetary Fund (IMF) to seek financial help to stem an economic meltdown and fight the Covid-19 pandemic. The Alliance Secretariat resolved that, instead, South Africa should approach the Brics Development Bank, because appealing to the World Bank and the IMF would compromise South Africa’s sovereignty. The rejection of Mboweni’s plan could rekindle a call for the nationalisation of the Reserve Bank and give President Cyril Ramaphosa’s detractors in the Radical Economic Transformation camp ammunition against him. Last week, Mboweni hinted...