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Government bailouts throw money into a bottomless pit: Buthelezi

ULUNDI – The Inkatha Freedom Party (IFP) has resisted the government for supporting beleaguered SOEs.

In his speech on swan song, marathon at the IFP's national election conference, outgoing party leader Prince Mangosuthu Buthelezi said the "schizophrenic approach" to South African economic policy has destroyed investor confidence. They fought over R440 billion in debt and received another R59 billion government support in July for the next two years.

READ: End of an era in which Buthelezi resigns

Buthelezi said the IFP warned the government years ago – while still serving as cabinet ministers ̵

1; that "we can not continue pouring money into a bottomless pit ".

"A fundamental political decision had to be taken, but the governing party was forced to take it and now the economy is failing."

He said the impact of the slowing economy was 3.2% in the first quarter of 2019 Percent shrank or declined by 56 billion rand, are felt mainly by ordinary South Africans.

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"Are all bills paid monthly? Do you ever have to ask how you pay school fees or rent or how to buy electricity or put food on the table? [19659006] "These are daily worries for most South Africans. Ours are one of the most unequal societies in the world.

While serving in the Nelson Mandela Cabinet, Buthelezi warned the government of national unity to focus on the economy.

"This demand for strong economic growth is part of the IFP. As we see in federalism and the transfer of Buthelezi said, "We have submitted a petition to the negotiating table to promote business, create jobs and secure investment," WATCH said: "Ramaphosa has a solid plan to get the economy back in."


"Today, economists can trace the history of economic collapse and pinpoint the problem. The ruling party has never committed itself to a single economic policy.

"Instead, they allowed their tripartite alliance partner of the SACP to d Cosatu to dictate policies that were neither fish nor poultry."

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