The funding appeal focuses on campaigns to stop banks from providing financing to South Africa and to strengthen U.S. economic sanctions. The aim of both efforts is to create a political crisis of sufficient magnitude to bring the South African government to the negotiating table and require them to constitute a new, democratic government. South Africa is in the midst of its worst-ever foreign debt crisis; they must refinance hundreds of millions dollars in debt before next June, and nearly three billion dollars in additional long-term loans later in 1990 and 1991. Much of South Africa's credit comes from U.S. banks, so we can insist that those renegotiations be conditioned on the government's...
The funding appeal focuses on campaigns to stop banks from providing financing to South Africa and to strengthen U.S. economic sanctions. The aim of both efforts is to create a political crisis of sufficient magnitude to bring the South African government to the negotiating table and require them to constitute a new, democratic government. South Africa is in the midst of its worst-ever foreign debt crisis; they must refinance hundreds of millions dollars in debt before next June, and nearly three billion dollars in additional long-term loans later in 1990 and 1991. Much of South Africa's credit comes from U.S. banks, so we can insist that those renegotiations be conditioned on the government's willingness to come to the negotiating table to end apartheid. a prestigious committee of 49 international Foreign Ministers has recommended this strategy. People are urged to sign the enclosed Open Letter to the CEO's of four major U.S. banks, which will be delivered to these corporate officials. TransAfrica also will intensify its efforts to win prompt passage of the Anti-Apartheid Act Amendments of 1989 and lobby Congress to pass new monetary restriction legislation. The Foreign Ministers' report pointed out that even a relatively small, targeted package of trade and economic sanctions could have a big effect because of South Africa's high debt vulnerability. TransAfrica is working with key members of Congress to develop monetary restrictions legislation which would impose tough political conditions on South Africa's repayment of debt to U.S. banks. An uphill fight is expected because conservative members of Congress are eager to preserve the "business as usual" policies of the Reagan administration. President Bush, faced with pressure from members of Congress and TransAfrica, recently refused to meet with F. W. de Klerk, the new leader of the ruling National Party. The recent highly publicized meeting of former President Botha with Nelson Mandela was created to curry international favor and give the impression of the government's supposed willingness to move towards a new form of government. It does no good to have trading sanctions passed by Congress with one hand, if with the other hand American banks keep writing new multi-billion loan agreements. The mailing includes several newspaper articles: "Tutu Hot by Tear Gas After Church Rally" by William Claiborne, "International Arms Merchants Stock Both Sides in N. Ireland" by Glenn Frankel, "Pretoria Cracks Down on Defiance Campaign" by Christopher Wren, and "SOUTH AFRICA CRACKDOWN." The mailing mentions Archbishop Desmond Tutu, Armscor, Defense Minister Magnus Mallan, the University of the Witwatersrand, Gary Gordon, South African Police, and the University of the Western Cape.
