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SA secures second $1bn Brics Bank loan

To help finance the creation of employment opportunities.
Image: Shutterstock
The New Development Bank approved a $1 billion emergency loan for South Africa to support government efforts to contain the economic impact of the coronavirus pandemic.

The funds will help finance the creation of employment opportunities, particularly under the Presidential Employment Stimulus program that aims to create and support about 700 000 jobs in the public sector, the Shanghai-based lender said in an emailed statement on Thursday.

The NDB, which serves the so-called Brics nations – Brazil, Russia, India, China and South Africa – approved another $1 billion emergency loan for South Africa in June 2020 to help the country overcome the health impact of the pandemic.

© 2021 Bloomberg L.P.
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I wonder how much of this will make it to the man-woman on the street, all the while SA tax payers are in surprise to cough and pay up on the loan

This does not add up for me. We want to increase the public sector

workforce by 700000 when the public sector wage bill with Escom are the

biggest threats to the SA economy. Are we now borrowing money to pay

public sector workers.

Yes we are it’s happened at SAA and Eskom literally borrowing money to pay wages. The 1 billion $ deal is to provide wages, you tell me if we spend 35-40% of national budget on wages alone then surely this 1 billion $ is just that extra. The public service is totally bloated and now sorry to say but a State that borrows money to pay wages is disgusting of its government indeed.

I did not know the public sector was productive….when did that start ? Seems we are borrowing to give money away ….

Firstly. More debt is just a short term stop-gap.

Secondly (& more importantly) anyone making a loan to SA will want to be repaid. The world pretty much knows how useless and corrupt the government is… Meaning they must know that the taxpayer can be milked to cover the debt – which must be repaid at some point.

SA is a sinking ship and I’d love to be proven wrong… But just look at the evidence.

The ANC are borrowing money to “buy” votes that the minority, who are largely the personal taxpayers in this country, have to pay for! .
What the ANC SHOULD be doing is ensuring the theft and corruption within their ranks is properly prosecuted and repaid back into the economy. Sadly they have neither the will nor the motivation to do this. Far easier to just keep borrowing until the lending stops…then they will nationalize the Reserve Bank and just print money. Happens in every third world country,so why not here! Have a nice day!

End of comments.

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