African Activist Archive

Contents: What happened? • What did anti-apartheid leaders say? • A Call for Consumer activism • And Advocacy on financial sanctions • So please act now: first mail this postcard! then write the letter! • A postcard to mail to John Reed, CEO of Citibank states: "South Africa is exporting apartheid terrorism to Mozambique and the other frontline states. I am appalled that Citicorp converted the short term loans due in 1990 to ten year exit loans. I will no longer do business with Citibank and will urge all organizations, and members, in which I participate to do likewise." The mailing says South Africa has been able to negotiate more than three additional years to pay back its huge debt; international bankers, including Manufactures Hanover and JP Morgan and Company, agreed in the fall of 1989 to reschedule the debt; they joined Citibank which earlier had granted ten years for repayment of old debt. These actions can be contrasted with the refusal by banks to renew loans to South Africa in 1985, which had an enormous impact at the time, causing South Africa's economy to further decline. The mailing says in 1990-91 a number of European bonds come due, and $3 billion more as Pretoria begins repaying principal on "exit-loans" converted under the earlier agreement. The Mozambique Support Network is focusing on CitiCorp because of its complicity in the rescheduling and its correspondent banking relationships with South Africa. The mailing mentions Archbishop Desmond Tutu, Zambian President Kenneth Kaunda, Congressmen Howard Wolpe and Walter Fauntroy, the Financial Sanctions for Democracy in South African Amendment Act (HR 3458), the U.S. House Banking Subcommittee on International Development, Finance, Trade and Monetary Policy, the African National Congress (ANC), Welcome Home Mandela Celebrations world-wide, destabilization of Mozambique, and the Nationalist Party.

African Activist Archive

SANCTIONS ACTION BRIEFING SHEET ON SOUTH AFRICAN DEBT ROLLOVER

Creator

Place Created

Date

Type of Item

Length/duration

Description

Organization

Coverage Africa

Language

Digital Format

Rights Management

Collection