File photo: SACP general secretary Blade Nzimande has reiterated that the party is not impressed with the decision by President Cyril Ramaphosa’s administration to secure around R70-billion from the International Monetary Fund. Picture: Antoine de Ras/ANA Pics
File photo: SACP general secretary Blade Nzimande has reiterated that the party is not impressed with the decision by President Cyril Ramaphosa’s administration to secure around R70-billion from the International Monetary Fund. Picture: Antoine de Ras/ANA Pics

SACP virtual rally: Party irked by R70bn IMF loan

By Siviwe Feketha Time of article published Aug 2, 2020

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SACP general secretary Blade Nzimande has reiterated that the party is not impressed with the decision by President Cyril Ramaphosa’s administration to secure around R70-billion from the International Monetary Fund (IMF).

The SACP on Sunday celebrated its 99th anniversary, themed “Learning from the past, active in the present building the future, building socialism now” which it said it was using to launch its build up to its centenary which will take place next year.

The party was established in 1921, as the Communist Party of SA.

Nzimande said while the IMF had already approved US$4.3-billion for SA to help in the fight against Covid-19, the party was still opposed to the loan as it risked subordinating the country’s sovereignty to the international financing institution.

Finance Minister Tito Mboweni has been at the receiving end of criticism by the SACP, Cosatu and Luthuli House over his open support for the loan.

The outspoken minister has also hit out at the criticism of the loan and described speculation around its threats to sovereignty as “urban legend”.

Nzimande said however said the SA government had to first look for the much needed money from within SA.

“It is very important that priority is given to the mobilization of trillions of rand of our own domestic resources before we consider foreign assistance or foreign loans,” he said.

Nzimande also used the virtual rally to lash out at revelation of looting of Covid-19 relief funds through corruption recently.

“We want to says that the tenderisation of the state and the corruption that it breeds constitute one of the single biggest threats to our national liberation movement, the very same movement that brought about democracy in our country,” he said.

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