BL Premium reports that the ANC-led tripartite alliance has formed a task team to engage the government on the impact of the Covid-19 pandemic, but it has ruled out approaching the IMF for assistance.
The alliance, made up of the ANC, the SACP and Cosatu, said it would be making proposals to the government regarding the immediate, medium and long-term impact of the pandemic. The team, which will be led by ANC deputy secretary-general Jessie Duarte, includes Enoch Godongwana, chair of the ANC’s subcommittee on economic transformation. After saying on Sunday that it would take up a $1bn loan from the New Development Bank, the National Treasury said it was still considering facilities offered by other multilateral organisations. But, the alliance slammed finance minister Tito Mboweni’s suggestion that SA could, among others, approach the IMF for assistance. “The suggestion is rejected. Instead, the secretariat reaffirms the need to safeguard SA’s democratic national sovereignty, the fundamental right to self-determination, our independence, which are non-negotiable, even in the midst of a crisis,” the alliance secretariat stated. Instead, it called on the SA Reserve Bank to play a “vigorous developmental role” and said the government should evaluate and explore all sources of domestic finance, including private retirement funds. The Treasury indicated that it was still evaluating the need for World Bank assistance and did not require IMF assistance at present.
- Read the full original of the report in the above regard by Claudi Mailovich at BusinessLive (paywall access only)
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