WORLD BANK US$1.5BILLION LOAN @KASIBC_AFRICA

ONLINE EDITOR @KASIBC_AFRICA MAKEKASIGREAT©®™

 MAKEKASIGREAT©®™

WORLD BANK US$1.5BILLION LOAN @KASIBC_AFRICA

ONLINE EDITOR @KASIBC_AFRICA

The Economic Freedom Fighters (EFF) notes, with serious concern, the announcement by the National Treasury that South Africa has signed a loan agreement to the amount of US$1.5 billion with the World Bank for so-called infrastructure modernisation and development. 

The EFF reiterates its long-held position that institutions such as the World Bank and International Monetary Fund (IMF) are instruments of neoliberalism and neocolonialism, used by Western imperialist powers to perpetuate the underdevelopment of the global South, and Africa in particular. 

These institutions mask their agenda through development rhetoric, while attaching loan conditions that undermine sovereignty, impose austerity, and erode the developmental state. The National Treasury, acting as a conduit for this imperial agenda, often conceals these conditions or frames them as mere administrative reforms, when in reality they fundamentally shape economic policy and fiscal direction without democratic consent. 

We maintain that South Africa’s debt-service costs have now ballooned to over R426 billion per year—more than what is spent on social development, health, or basic education. Yet, we have nothing to show for this debt in terms of real, transformative development for our people. 

Over the past 15 years, the National Treasury has borrowed billions in the name of economic reform and stability but failed to ensure that such debt translates into jobs, industrial growth, or public infrastructure that benefits 

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