Considering the amount said and written about it before becoming a reality, the shock would have been if the International Monetary Fund rejected SA’s application for an emergency loan to deal with the fallout from Covid-19.
SA probably wouldn’t have escaped a ratings downgrade that confirmed its junk status regardless of what else might have happened in March, when Moody’s Investors Service eventually pulled the trigger. So this is not really the time to be worrying about sovereignty. The “Tito paper”, as some economists have called it, has the backing of President Cyril Ramaphosa and the cabinet. Writing in Business Day this week,, chair of the ANC’s economic transformation committee, argued that the party’s latest policy document “explicitly reinforces and supports many of the reforms” proposed in Mboweni’s paper.
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