Today, the Coronavirus has exposed the extreme inequalities, systemic and structural unemployment and mass poverty which is the common lot of the life of millions of Black and African workers. The initial “international state capture” was the loan Mandela, Thabo Mbeki and their ANC friends contracted from the IMF, even before they were in government. Low-skilled. But, there are deeper problems relating to the IMF loan than the rot in the ANC. Between 1995 and 2003 the number of unemployed people more than doubled to 8.3-million people. Now that the hold of white supremacists on the South African state has been broken, they want to give up our autonomy to the IMF so that it becomes impossible to democratise the management of the economy, build workers’ control and achieve real economic redistribution. They are creating a burden for the youth and future generations to inherit. separate emails by commas, maximum limit of 4 addresses. But as a cautionary tale that may throw light on Mboweni’s plans, let us look at how another “small” dollar loan has developed over time and served South Africa. South Africa’s government has not covered itself in glory when it comes to management  of the SOEs. The essence of the correct interpretation posited by Professor Malikane runs deep as its real meaning is that the struggle for democracy that has been waged for many decades by the African majority in South Africa has not just been taken from them, but has been handed over to the dictates of the IMF and its twin, the World Bank working alongside rating agencies. South Africa provided the requisite information to the IMF in the form of a letter of intent signed by the minister of finance and the governor of the Reserve Bank. Given the state of the South African economy, this is not an insignificant risk. Concerns over the combination of overstretched and underfunded health systems and the existing load of infectious and non-infectious diseases often led to it being talked about in apocalyptic terms. What matters is the mind of the shareholder, how the shareholder makes decisions, what calibre of boards it appoints and what strategic investment decisions it supports. These are the IMF’s special form of money and its value is made up of a composite of a basket of currencies. The most important benefit is that South Africa is getting $4.2-billion at about 1.1% interest. The values of these currencies tend to fluctuate against each other so that some appreciate while others depreciate. However, it has not turned out quite that way. The Fortune 500 list has over 121 SOEs on its list, the majority of which are Chinese SOEs. Let’s have respect for those that actually are part of the glue of our society. This is clear proof that public or private ownership of SOEs has nothing to do with their performance. It sets off a cycle of increasing debt dependency.” And that cycle of dependency is not just about an expanding cycle of debt, it is also about a steady loss of national sovereignty. We completely reject any idea that the solution to the continuing corrupt capitalist, racist, colonial and patriarchal system lies in deepening the domination by either domestic or international capital. To access earlier articles, click Advanced Search and set an earlier date range.To search for a term containing the '&' symbol, click Advanced Search and use the 'search headings' and/or 'in first paragraph' options. SAVE THIS ARTICLE The cheapest way of pursuing this goal has been to make it taboo for the government to capitalise SOEs. To access earlier articles, click Advanced Search and set an earlier date range.To search for a term containing the '&' symbol, click Advanced Search and use the 'search headings' and/or 'in first paragraph' options. The second potential benefit is that the IMF loan will catalyse other funds for the country. This means that the government will need to increase the amount it has to borrow. As Gqubule argues, “The first loan from the mashonisa always looks harmless. The devastation caused by the IMF and its ‘structural adjustment programs’ became a major global issue in the 1970s and 1980s. Mboweni and Johnson are confused when it comes to their understanding of the labour market in South Africa. Tito Mboweni and his predecessors have sought to stigmatise and condemn, for their selfish reasons, the idea that the state should have a role in the economy. It is now vital that all progressive formations – including  shack dwellers, all workers (employed and unemployed) and the few progressive intellectuals willing to engage the formations of the working class and the impoverished masses on the basis of mutual respect, and who accept that the working class is the only class capable of leading the revolution to its logical conclusion – push as hard as we can to defeat both the corrupt and neoliberal ANC and the right-wing, capitalist, political apologists in the country, and to demand that South Africa shall not pay back the fake IMF loan: it must be declared an odious loan. It will both reduce the incentive of these investors to sell their government bonds, potentially pushing up interest rates, and enable the government to issue new debt if needed.