Of faustian pacts and mega-projects: The politics and economics of the port expansion in the South Basin of Durban, South Africa

The 1980s was a time of incredible political ferment in South Africa with student protests, consumer boycotts of white businesses in small town, and consolidation of the union movement. The Faustian moment came when South Africa took an International Monetory Fund (IMF) loan on the eve of its first democratic election. At first, the started with just one loan and the markets were satisfied that the African National Congress (ANC) was not going to renege on paying the odious debt of the previous government. All South Africans need to work together in a concerted effort to improve service delivery, strengthen job creation and expedite economic transformation. In South Africa, joblessness is still unacceptably high even with recent growth in job numbers. Global economic prospects remain fragile. In response, the Government of the Republic of South Africa has taken a bold decision. People have chosen a path of counter-cyclical spending driven by catalytic infrastructure investment. They are striking a fine balance between protecting our sovereign integrity while leveraging the multiplier impact of fixed capital formation.