> in 1994 when the Apartheid government handed over power to the ANC, basically everything the government had in the pipeline was scrapped
It's worth noting that under the Apartheid government energy in SA was completely dependant on the state [1]. Then towards the end of Apartheid, due to sanctions - among other things, the government basically had to default on its debt causing the national currency, the Rand, to go into a bit of a tail-spin. To cover their expenses the old government took out a loan from the IMF just before handing over power [2]. These loans often come with commitments to reduce government expenditure, amounting to basically an austerity programme.
I assume that is one of the main reasons that many of the promises of both the old government and the incoming ANC had to be scraped and replaced with essentially what amounted to series of austerity measures [3]. In 2020 the government once again took on a loan from the IMF, again with austerity conditions attached... and here we are, with a vaguely stable currency but a gradually failing economy.
[1] I assume as basically a subsidy for the mining sector.
It's worth noting that under the Apartheid government energy in SA was completely dependant on the state [1]. Then towards the end of Apartheid, due to sanctions - among other things, the government basically had to default on its debt causing the national currency, the Rand, to go into a bit of a tail-spin. To cover their expenses the old government took out a loan from the IMF just before handing over power [2]. These loans often come with commitments to reduce government expenditure, amounting to basically an austerity programme.
I assume that is one of the main reasons that many of the promises of both the old government and the incoming ANC had to be scraped and replaced with essentially what amounted to series of austerity measures [3]. In 2020 the government once again took on a loan from the IMF, again with austerity conditions attached... and here we are, with a vaguely stable currency but a gradually failing economy.
[1] I assume as basically a subsidy for the mining sector.
[2] https://www.imf.org/external/np/fin/tad/extrans1.aspx?member...
[3] https://en.wikipedia.org/wiki/Social_welfare_programmes_in_S...