- by MAJDAL SHAMS
- 07 28, 2024
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ALTHOUGH IT ISANCIMFANCIMFIMFIMF rarely shy about spending other people’s money, the African National Congress (), South Africa’s ruling party, has long been wary of the . After Nelson Mandela came to power in 1994 the fund practically begged to help his new government. Mandela eventually saw the potential benefits of a cheap loan. But the rejected the offer.Opposition to the has remained a shibboleth of the party. Yet on July 27th South Africa said it had agreed to a $4.3bn loan from the . The deal signed by South Africa, one of 78 countries to have received covid-19-related help, is not a standard programme and thus does not have stringent conditions. But the need for it nevertheless reflects the extent of the country’s underlying economic problems.