Ramaphosa blasts banks over “disappointing” COVID-19 response for business loans

Hanno Labuschagne

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Ramaphosa blasts banks over “disappointing” COVID-19 response for business loans

South African President Cyril Ramaphosa criticized the nation’s biggest banks for failing to speedily disburse government-backed loans to businesses struggling to survive the coronavirus pandemic, and for not doing enough to promote investment and create jobs.

The government agreed to guarantee R200 billion ($13.3 billion) of loans last year as part of its response to Covid-19, less than R18 billion has been dispensed so far.

[Bloomberg]
 

rvZA

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Ramaphosa blasts banks over “disappointing” COVID-19 response for business loans

The government agreed to guarantee R200 billion ($13.3 billion) of loans last year as part of its response to Covid-19, less than R18 billion has been dispensed so far.

[Bloomberg]

I will take any government guarantee with a pinch of salt.

Ramaphose must blast himeself for mismanagement of the government. He and his brother in law must use the Billions they made since 1994 and loan money to businesses.
 

Neuk_

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My brain can't generate the wit but this seemed appropriate when any government employee lambasts private business for not promoting investment and creating jobs...

Bike-Fall.jpg
 

markings

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Ramaphosa is becoming the Great Complainer. First inequitable vaccine distribution, totally unjustified for that matter. Now the banks.
 

Milano

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Good point, my guess is they do not trust the ANC government.
Yes very unlikely it would have been an honest response nevertheless it is odd that no comment was sought. It is always entertaining to observe the uncomfortable duplicitous relationship between big business and government in SA.
 

quax

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Uhhh... Excuse me Mr. President, but is that not ONE of the Government's functions? As in to create economic policy's which will have a positive impact on economic growth?

Why do you think the financial industry is profitable? Beeeecause it is private. Plus the so called "big banks" provide probably around 100k+ jobs, not to mention other financial industries.
 

Rocket-Boy

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feck off you fat twat.
More reason to open a state bank knowwhatImsaying?!
This whole notion of just employing people whether you have work for them or not is a government strategy. The private sector actually has to show a return for each staff member.
 

The_Librarian

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And so this is why they want to nationalize banks... so that they can have all the loans they want, and the taxpayer foot the bill...
 

Milano

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With nationalised banks all banks would be like SAA and South Africa's poor would become the wealthiest people in the world (outside of Zimbabwe).
 

upup

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I saw a clip on Facebook, where he in his anc t shirt told a woman, that it is the DA who did not build houses for her, but he will make sure she gets one.
 
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