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Padayachee, Vishnu and Fine, Ben (2018) 'The Role and Influence of the IMF on Economic Policy in South Africa’s Transition to Democracy: The 1993 Compensatory and Contingency Financing Facility Revisited.' Review of African Political Economy, 46 (159). pp. 157-167.

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Many commentators have pointed to the 1993 International Monetary Fund (IMF) loan, which occurred on the eve of South Africa’s democratic elections, as a key factor in explaining the shift in African National Congress (ANC) economic policy in the 1990s. This argument is now invariably taken for granted. Little understanding of the nature of the Compensatory and Contingency Financing Facility (CCFF) is displayed, nor has any hard evidence been produced to back this argument. Drawing upon previously unseen data and reports from both the National Treasury and the IMF, we show that the IMF loan could not have had such an impact on ANC economic policy thinking.

Item Type: Journal Article
SOAS Departments & Centres: Departments and Subunits > Department of Economics
ISSN: 03056244
Copyright Statement: © 2018 ROAPE Publications Ltd. This is an Accepted Manuscript of an article published by Taylor & Francis in Review of African Political Economy on 02 July 2018, available online:
DOI (Digital Object Identifier):
Date Deposited: 03 Feb 2018 13:44

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