Overview
The research report “International Financial Institutions’ Covid-19 Lending in South Africa: Context, contentions, and policy implications” provides an in-depth analysis of South Africa’s engagement with International Financial Institutions (IFIs) during the Covid-19 pandemic. The research conducted by the IEJ reveals significant concerns regarding transparency, accountability, and the potential impact on democratic processes, national sovereignty, and human rights.
Concerns and Policy Implications
The findings highlight the urgent need for reforms to ensure that South Africa’s economic policies are guided by sovereign, democratic decision-making and remain aligned with constitutional commitments and human rights obligations. It asserts that IFI loans should not undermine the progressive realisation of human rights through unjustified austerity measures or the imposition of policy conditionality.
Key Policy Considerations:
Enhanced Parliamentary Oversight
- Tabling IFI loan agreements, policy conditionality, and project appraisals in Parliament for approval.
- Transparent presentation of projected costs to taxpayers.
- Legislative reforms for strengthened oversight and citizen participation.
Human Rights Impact Assessments
- Conducting comprehensive and transparent assessments prior to entering into agreements.
- Informing decision-makers about potential human rights effects.
- Promoting public awareness and scrutiny of budgetary decisions.
Gender Equality and Inclusion
- Adoption of gender budgeting practices aligned with South Africa’s framework.
- Making gender budget statements, expenditure tagging, impact assessments, and spending reviews publicly available.
- Reducing disparities and promoting gender equality through financing.
Strengthening Institutional Mechanisms
- Reforms for improved oversight, implementation, and reporting on IFI projects.
- Enhancing information disclosure and dissemination systems.
- Ensuring transparency, democratic participation, and environmental sustainability standards.
Meaningful Stakeholder Engagement
- Engaging in meaningful consultation with affected communities, civil society organisations, and trade unions.
- Establishing an independent “engagement group” to facilitate dialogue and address concerns.
Upholding Transparency and Accountability
- Holding IFIs to high standards of consultation, accountability, and information disclosure.
- Rejection of loans lacking meaningful consultation and transparency.
- Detailed accounting of loan agreements on IFIs’ websites.
- Key elements disclosure by the World Bank, including interest rates.
International Financial Institutions’ Covid-19 Lending in South Africa: Context, contentions, and policy implications is published in partnership with OXFAM South Africa.
Amaarah is a Junior Programme Officer in the Rethinking Economics for Africa project. She is currently studying towards her Masters in Applied Development Economics at Wits University. 
Dr James Musonda is the Senior Researcher on the Just Energy Transition at the IEJ. He is also the Principal Investigator for the Just Energy Transition: Localisation, Decent Work, SMMEs, and Sustainable Livelihoods project, covering South Africa, Ghana, and Kenya.
Dr Basani Baloyi is a Co-Programme Director at the IEJ. She is a feminist, development economist and activist. She gained her research experience while working on industrial policy issues in academia, at the Centre For Competition, Regulation and Economic Development (CCRED) and Corporate Strategy and Industrial Development (CSID) Unit.
Dr Andrew Bennie is Senior Researcher in Climate Policy and Food Systems at the IEJ. He has extensive background in academic and civil society research, organising, and activism. Andrew has an MA in Development and Environmental Sociology, and a PhD in Sociology on food politics, the agrarian question, and collective action in South Africa, both from the University of the Witwatersrand.
Juhi holds a Bachelor of Arts degree in International Relations and Sociology from Wits University and an Honours degree in Development Studies from the University of Cape Town. Her current research focus is on social care regimes in the South African context, with a particular focus on state responses to Early Childhood Development and Long-Term Care for older persons during the COVID-19 pandemic. Her other research areas include feminist economics, worlds of work and the care economy.
Bandile Ngidi is the Programme Officer for Rethinking Economics for Africa. Bandile has previously worked at the National Minimum Wage Research Initiative and Oxfam South Africa. He holds a Masters in Development Theory and Policy from Wits University. He joined the IEJ in August 2018. Bandile is currently working on incubating the Rethinking Economics for Africa movement (working with students, academics and broader civil society). 
Liso Mdutyana has a BCom in Philosophy and Economics, an Honours in Applied Development Economics, and a Masters in Applied Development Economics from Wits University. His areas of interest include political economy, labour markets, technology and work, and industrial policy. Through his work Liso aims to show the possibility and necessity of economic development that prioritises human wellbeing for everyone.
Joan Stott holds a Bachelor of Business Science in Economics and a Master’s in Economics from Rhodes University. She brings to the IEJ a wealth of experience in public finance management, policy development, institutional capacity-building, and advancing socioeconomic and fiscal justice.
Siyanda Baduza is a Junior Basic Income Researcher at IEJ. He holds a BSc in Economics and Mathematics, an Honours degree in Applied Development Economics, and is currently completing a Master’s degree in Applied Development Economics at the University of the Witwatersrand. Siyanda’s research focuses on the impacts of social grants on wellbeing, with a particular focus on the gendered dynamics of this impact. His interests include applied micro-economics, policy impact evaluation, labour markets, gender economics, and political economy. He is passionate about translating economic research into impactful policy.
Shikwane is a Junior Programme Officer at IEJ focusing on civil society support and global governance in the G20. He has a background in legal compliance, IT contracting and student activism. He holds degrees in Political Studies and International Relations, as well as an LLB, from the University of the Witwatersrand.
Dr Tsega is a Senior Researcher focusing on Women’s Economic Empowerment within the G20. She examines gender equity in economic policy, with expertise in food systems and small enterprise development. She holds a PhD in development studies from the University of the Western Cape, an MA in Development Economics, and degrees in Development Studies and Economics from UNISA and Addis Ababa University.
Nerissa is a G20 Junior Researcher at IEJ, focusing on advancing civil society priorities within the G20 framework. She bridges data, research, and policy to advance inclusive economic frameworks. She is completing a Master’s in Data Science (e-Science) at the University of the Witwatersrand, and holds Honours and Bachelor’s Degrees in International Relations with distinction. She has worked as a Research Fellow at SAIIA and a Visiting Research Fellow at Ipea in Brazil.
Dr Mzwanele is a Senior Researcher supporting South Africa’s G20 Sherpa with policy research. He holds a PhD in Economics from the University of Birmingham and an MSc from the University of the Witwatersrand. His work covers open macroeconomics, trade, finance, and higher education policy, and he has published widely on inequality, unemployment, household debt and higher education curriculum reform.
Kamal is the Project Lead for IEJ’s G20 work, focusing on sovereign debt and development finance. He holds a BComm (Hons) in Applied Development Economics from the University of the Witwatersrand and an Erasmus Mundus Joint Masters in Economic Policies for the Global Transition. He has worked with SCIS, UNCTAD and co-founded Rethinking Economics for Africa.