Before the 1994 elections, the ANC campaigned using “RDP”, which promised to reallocate 30% of land to the Black majority. However, After "consultations" with the IMF and the World Bank, this one aspect was cut down to 1%. There was more...

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In November 1993, the ANC, unelected, and working with the apartheid govt, formed a "transitional executive committee" which took over parliament, and accepted a $850m loan from the IMF. They also lied about why this loan was being taken...

The ANC-Apartheid coalition claimed the IMF loan was taken to assist after a drought. However, the drought had already ended 18 months earlier, and its consequences had long since been overcome

The loan had the following conditions: elimination of import tariffs, government spending reduction, public sector wage cuts, the appointment of two representatives of the apartheid govt as minister of finance and governor of the Reserve Bank

The ANC justified its actions towards the Apartheid regime by repeatedly emphasising “reconciliation” & “peaceful settlement”. Mandela's presidency however soon made it clear that it was designed to benefit the old regime, international capital & the ANC leadership

At the 1995 SONA, referring to Black people, Mandela said, “We must free ourselves from the culture of entitlement mentality.” True to form, thousands of jobs were cut and salaries reduced in the public sector, while corporations and the wealthy were granted tax relief

The Government Employees Pension Fund was ‘restructured’ to the benefit Apartheid civil servants, at the expense of the poor Black majority

As per the IMF loan conditions, corporations were allowed to transfer billions overseas and relocate their headquarters outside the country, which, along with the
abolition of import duties, led to the loss of thousands of jobs

The Central Bank was allowed to raise interest rates by double-digits, foreign currency speculators rejoiced. Small local businesses were driven into bankruptcy

Usury (the practice of lending money at unreasonably high interest rates) was legalised when the Usury Act was abolished, removing the 32% interest rate ceiling. Again as an IMF loan condition

From 1995, financial system laws were loosened, which led investors to put more of their money into international speculation instead of local production and manufacturing. More jobs were lost. Unemployment had increased by 11% to 2004

The ANC kept promise the Black majority that the suffering was temporary and soon they'd see improvement. It was all a lie and the ANC knew what they had done could not be reversed, and they had no intention to even try

In the 10 years between 1994 and 2004, Black people's average income fell by 19%, while that of white people increased by 15%. In 1996, 1.5m Black households were located squatter camps. In 2011, the number had increased by 30%

Contrary to free education campaigns by the ANC, more schools were introducing school fees, so that even the poorest were now paying for school uniforms, books, writing materials and transport. Meanwhile, the JSE was booming, billions being made in speculation & rand manipulation

While billions were legally leaving the country, in 2001 27% of schools had no running water, 43% had no electricity, and 80% had neither a library nor any computers. However SAs financial system was being hailed as one of the most adavanced in the world

Another IMF condition was cutbacks and privatisations in the health sector which led to the spread of TB, AIDS and other preventable diseases. Tens of thousands children died each year from diarrheal diseases

Life expectancy was reduced from 65 to 52 years. It can all be traced to that one $850m IMF loan

To further to dupe the African majority, in 2004, the ANC intensified BEE by instructing authorities and corporations to fill top positions with more black people. This resulted in now increasing inequality not only between Black and white, but now among Africans themselves

Trade union bosses now became the main "buffer" between the poor workers and the wealthy. Their main job was to diffuse protest against poor working and living conditions.

Whatever compromises the ANC claims to have been necessary, all stem from taking IMF money.

Source: Pillaging the World: The History and Politics of the IMF by Ernst Wolff