The UN IMF Approves of South Africa’s Expropriation of Land from White Farmers. South African Bank Demands Loans Be Paid in Full.
Summary by JW Williams
The United Nations’ International Monetary Fund (IMF), known for plundering the third world, approves of South Africa’s controversial land reform as long as the highly contentious process is “rules-based” and transparent, according to the fund’s representative in the country. The draft reform, which reportedly provoked violent attacks and even murders of white farmers, triggered a great uproar internationally.
Meanwhile, Nedbank in South Africa is demanding that all property loans must be paid in full even if the government confiscates the land from white farmers without compensation.
The South African communist African National Congress (ANC) ruling government aims to expropriate both urban land and farmland owned by whites. According to civil rights organization AfriForum, the ANC’s claim that whites own up to 80% of the land in the country is false, and accurate figures show that the government owns 24% of the land while an additional 34.5% of the land is owned by black people.
Most of the land claims filed by blacks are for urban areas. According to a lands bank study, more than 90% of farms redistributed since the fall of apartheid in 1994 have failed and turned into squatters’ camps or subsistence farms. Land expropriation will scare off investors.
Josef Dreyer of Raka Wines in South Africa explained that entrepreneurs who are barely propping up a populace heavily dependent on tax dollars being contributed by a precious few. He says there is a wide gap between the rich and the poor and only 13% of the population of 56 million people are paying income taxes and keep the country running. 18 million of the 56 million is reliant on social grants, and unemployment is at 37.5%. He stated that it is much easier to hand out land as money is “drying up.”