Efforts by a pro-sanctions lobbyist group against SA debt rescheduling prove unsuccessful

Date: 4 Oct 1989
Updated: 22 Aug 2019

Efforts by a pro-sanctions lobbyist group in Southern Africa to persuade banks in the United States (US) not to allow debt rescheduling against South Africa were unsuccessful. The lobbyists argued that money, which was supposed to pay off the debt, was used to fight liberation organisations, thus undermining democratic processes taking place in South Africa. This followed negotiations between SA and the US to have 8 000 million US dollars, owed to US commercial banks, rescheduled. An announcement by South African Reserve Bank Governor Chris Stals that the rescheduling was granted until 1993 was a serious setback for the lobbyists, who believed that South Africa had enough money to pay off its debts. Reference: Fraser, R. (1989). Keesing's Record of World Events, Longman: London, p. 36965.

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South African History Online. (2011, March 16). Efforts by a pro-sanctions lobbyist group against SA debt rescheduling prove unsuccessful. South African History Online. https://sahistory.org.za/ref/E-0012833

South African History Online (2011) 'Efforts by a pro-sanctions lobbyist group against SA debt rescheduling prove unsuccessful', South African History Online, 16 March. Available at: https://sahistory.org.za/ref/E-0012833 (Accessed: 3 October 2026).

South African History Online, Efforts by a pro-sanctions lobbyist group against SA debt rescheduling prove unsuccessful [website], https://sahistory.org.za/ref/E-0012833, (accessed 3 October 2026).

"Efforts by a pro-sanctions lobbyist group against SA debt rescheduling prove unsuccessful." South African History Online, 16 Mar. 2011, https://sahistory.org.za/ref/E-0012833. Accessed 3 Oct. 2026.

South African History Online. "Efforts by a pro-sanctions lobbyist group against SA debt rescheduling prove unsuccessful." South African History Online. March 16, 2011. https://sahistory.org.za/ref/E-0012833.