The IMF In South Africa
The Influence of the IMF in Past & Present South Africa
For this assignment I have chosen to look into the effects of the IMF in my own country. This was a bit of an eye opener for me. Organizations like the IMF thrives on segregation, like its was and still is the case in South Africa.
A country is controlled by those who have control over her wealth and resources and thus a nation divided against itself is easy to manipulate. Herein lies the age old struggle of every country with vast wealth and resources but weak or struggling governments. South Africa is no stranger to this struggle.
This is not to suggest, however, that the role of the IMF derives from some conspiracy - US or otherwise - against the peoples of the world - although
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Foreign investment was a significant role player in the early South African economy. Despite their support of sanctions and denouncing of apartheid policies, many countries like Canada did not enforce it and were heavily invested in South Africa, benefitting from cheap black labour and exploitation of black South Africans.
Even though numerous IMF members opposed loans to South Africa on the basis that “South Africa did not meet the standards of conditionality imposed on other borrowers” (Engler, 2013), countries like Canada continued to support South Africa. With the IMF inevitably supporting and funding Apartheid with largely unconditional loans, the regime was able to survive for more than 30 years, regardless of sanctions, until it was finally abolished after the free democratic elections of
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“Mandela did not spend all those years in prison to preside over a country in chaos and anarchy.” (Cummings, 1995) Unfortunately this is not true for the post-Mandela regime. The South African government has been trying to stabilize the country by implementing “reversed-apartheid” policies under the banner of BEE/BEEE and racial educational quotas, negatively impacting and excluding the (minority) white South Africans from the job market and educational institutions. This resulted in further racial conflict. The new BEE law in effect disempowers white South Africans, including women and the disabled, relegating whites to low-income occupations with little to no prospect for upward mobility. It is becoming clear that South Africa is once again heading for a repeat of its sordid history. It remains yet to be seen what the IMF’s role in future South Africa will
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