SA gets new $1bn loan from BRICS bank to support economic recovery

Lupus

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That's my pick!

On a serious note, I don't think we'd be borrowing as much if it wasn't for the previous guy.
The current guy has done a fantastic job. Oh wait what has he done again?
Should be President blowhard, as he's just talk and no action.
 

Fulcrum29

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Are these unconditional loans again? Similar to the one we received from the IMF? Urrghhhhh.

It is not the same as the IMF loan. The DBN is aligned with the United Nation’s Sustainable Development Goal 8 or #Envision2030. It basically promotes equality...

Apparently, this is a second phase loan, the one we received in 2020 was to support the healthcare and social grants goals and this one is to support economic growth and economic participation which will obviously apply to BEE.
 

ForceFate

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The current guy has done a fantastic job. Oh wait what has he done again?
Should be President blowhard, as he's just talk and no action.
No working SARS, NPA, police, Hawks, municipalities, provinces, etc when he arrived. Eskom is busy rooting out the rot, SARS in the process of a rebuild, etc. No changes at provincial and municipal level but crime uprooting has surely improved? Our resources aren't even coping.

But yeah, you make a good point nevertheless.
 

Fulcrum29

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I am curious how many NDB loans have we made in total?

2019


UPDATE 2-South Africa to get almost $1 bln in loans from BRICS bank​


CAPE TOWN, April 1 (Reuters) - A development bank set up by the BRICS group of emerging economies has approved around $790 million of loans for three projects in South Africa, the bank’s president said on Monday, with over half that amount going to power company Eskom.

2020


New Development Bank provides South Africa with $1 billion COVID-19 loan​


CAPE TOWN (Reuters) - The New Development Bank established by the BRICS group of emerging nations has approved a $1 billion COVID-19 emergency loan to South Africa to help reduce the socio-economic impacts of the pandemic, the National Treasury said on Saturday.

2021


BRICS bank grants South Africa second $1 billion COVID-19 loan​


JOHANNESBURG (Reuters) - The New Development Bank of the BRICS group of nations has approved a second $1 billion loan to South Africa’s government to fight the COVID-19 pandemic, the bank said on Thursday.

South Africa’s public finances were in bad shape before COVID-19 struck and have deteriorated since, as it has recorded the most coronavirus cases on the continent and imposed a strict lockdown that shuttered much of its economy.

This is ignoring all previous NDB loans like this one,

 

Milano

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That's my pick!

On a serious note, I don't think we'd be borrowing as much if it wasn't for the previous guy.
The previous guy? That one bad apple lol. Not a collective? Give the ANC some credit for Zuma, they were there to support him, aid him, enrich themselves, cover up for him and ensure that parliamentary votes to remove him failed. Have a heart, spare as much credit for each member of the corrupt ANC collective :thumbsup:
 

Unhappy438

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This is the second $1bn loan, right?

We are knee deep in debt with BRICS. I have to ask what the terms entail?

China East-Coast port plans and development to be accelerated?

There are no new terms, being part of BRICS allows you to take up to $2 billion per year in loans as a member.

Edit: I should clarify this is part of the emergency loan agreement from last year but i see your further posts note that already.
 
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ForceFate

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The previous guy? That one bad apple lol. Not a collective? Give the ANC some credit for Zuma, they were there to support him, aid him, enrich themselves, cover up for him and ensure that parliamentary votes to remove him failed. Have a heart, spare as much credit for each member of the corrupt ANC collective :thumbsup:
He was the chief executive whether he believed in the collective or not.
 

ForceFate

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A bit early to obfuscate history. We know for a fact that the ANC acted as a collective to support Zuma in spite of being fully aware that he was wholly corrupt. They all deserve the same equal credit as Zuma.
As a chief executive, he had the power to stop the rot but instead, he subverted the systems and institutions to enable corruption by his cronies and those attached to them; including politicians and "big business". There was collective support because there was mutual benefit. Eskom, SARS, SAA, SABC suffered as a result.
 

Iwojima

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As a chief executive, he had the power to stop the rot but instead, he subverted the systems and institutions to enable corruption by his cronies and those attached to them; including politicians and "big business". There was collective support because there was mutual benefit. Eskom, SARS, SAA, SABC suffered as a result.
So then admittedly blaming it on the "previous guy" (i.e. singular individual) is incorrect, yes?
 

Quicks

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Well they stole R500 Billion in like 4 Months last time, I give this at least 12 Months.

If we are lucky maybe they will fix some potholes with the money.
 

ForceFate

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Now, why was that so difficult for you?

Don't try to rewrite such recent history.
I did, in all the posts you respomded to. First of all, he was president of ANC, who are majority in the legislature and executive...? Where did I not lay the blame at Luthuli House?
 
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