How the IMF Slipped $464 Million to South Africa

by Center for International Policy, David Gisselquist, James Morrell
Washington, DC, United States
January 1978
Publisher: Center for International Policy
8 pages
Type: Report
Coverage in Africa: South Africa, Africa
Coverage outside Africa: United States
Language: English
This report says that, despite reservations expressed by delegates of 22 African and European countries, the International Monetary Fund in 1976 granted South Africa a record-high aid package of $366 million which by December 1977 had increased to $464 million. This financing was more than that received by all other countries in Africa during the same two years. Contents: The background: defense expenditures • January 1976 request for stand-by arrangement • Figure I From Defense Expenditures and Arms Imports to IMF Aid • November 1976 request for loans from compensatory financing facility • Table I Military Expenditures • Wittenveen facility • Figure II Budget Deficit • Excerpt from IMF executive board meeting on South Africa • Figure III Increase in Government Debt, 1971-1976 • Table II Increase in Money Supply, 1971-1978 • Figure IV Inflation • Figure V Weakening Exchange Rate • Figure VI Balance of Payment Problems • Table III IMF Loans to South Africa
Used by permission of the Center for International Policy.
Collection: Dean McHenry, Jr. Southern Africa Collection, Michigan State University Libraries Special Collections