'Looters are gonna eat' - Cynical South Africans react to R70bn IMF loan
On paper, this sounds like something that could go a long way in repairing some of the devastation we've seen over the last few months but the reality could tragically be very different and South Africans know it.
JOHANNESBURG - It's official! South Africa is getting a massive R70 billion loan from the International Monetary Fund (IMF) for emergency financial support to help the country mitigate the adverse social and economic impact of COVID-19.
On paper, this sounds like something that could go a long way in repairing some of the devastation we've seen over the last few months, with job losses, business closures, government having to make funds available for social support, but the reality could tragically be very different and South Africans know it.
According to the National Treasury, the money will support health and frontline services, protect the most vulnerable, drive job creation, unlock economic growth through reforms and stabilise public debt.
Many have taken to social media since the announcement of the loan approval to express their mistrust of how government will handle these funds.
Meanwhile, here's what some have had to say about the IMF loan.
The IMF just lent us $4.3billion. In rands that's R2.50, after Ace Magashule's commission.— Chester Missing (@chestermissing) July 28, 2020
When that IMF loan gets here pic.twitter.com/JtFoFSgkJP— The Villager (@Penxenxe) July 27, 2020
The IMF has approved a loan of R70-billion to South Africa. Warm congratulations to all the Range Rover dealerships in Sandton and bankers in Dubai whose 2020 has just improved dramatically.— Tom Eaton (@TomEatonSA) July 27, 2020
"IMF loan of $4.3 Billion approved for South Africa"— Rajeev Maharaj (@Rajeev_The_King) July 27, 2020
Corrupt government officials: pic.twitter.com/jxrvL4RBd4
IMF Loan pic.twitter.com/ZsmXFVwnXe— Chwayita (@atiyawhC) July 28, 2020
The IMF approves a R70 billion loan for SA— Mohlanka wa Morena (@_DJCappuccino) July 27, 2020
IMF has approved R70.6 Billion loan for South Africa. Comrades won’t be sleeping tonight.— Kealeboga Mothobi (@_KealebogaMO) July 27, 2020
They are already splitting it as we speak 😰 pic.twitter.com/x0SZ2km3cV