South Africa: Debt Rescheduling and Potential for Financial Sanctions

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Report Type	Reports and Testimonies
Report Date	Feb. 16, 1990
Report No.	NSIAD-90-109BR
Subject	Banking regulation Economic analysis Electronic funds transfer Foreign governments Foreign loans International economic relations International organizations Lending institutions Loan repayments Sanctions New York Clearing House Association Clearing House Interbank Payments System Society for Worldwide Interbank Financial Telecommunications System South Africa

Summary:

Pursuant to a congressional request, GAO analyzed South Africa's financial situation and U.S. options for imposing further financial sanctions against South Africa, focusing on: (1) South Africa's foreign debt and its loan rescheduling arrangements; and (2) the feasibility of excluding South Africa from international funds transfer systems.

GAO found that South Africa: (1) owed about $14.6 billion to international banks at the end of 1988; (2) imposed a moratorium on repayment of the principal on its short-term debts in 1985 and has had difficulty obtaining new loans since because of its repayment policies and political difficulties arising from its apartheid system; (3) has rescheduled debt repayments three times, but has agreed to pay about $1.5 billion by the end of 1993, at which time it will need to reschedule about $6.5 billion in debt; and (4) is no longer a member of one important international funds transfer system and, since the other system is privately owned, it is unlikely that it could be excluded from that system.

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South Africa: Debt Rescheduling and Potential for Financial Sanctions