Sequel to Long Walk to Freedom - Revision 3 - Chapter 9 Page 2

Integration into the international financial network was reinforced by South Africa's participation in various international forums, including bodies such as the World Trade Organisation, the International Monetary and Fiscal Committee, the Group of 20, the International Organisation of Securities Commissions (which promotes the development of efficient securities and future markets) and the Basel Committee Core Principles Liaison Group, concerned with sound banking supervision. Government initiatives to integrate South Africa into the international financial markets focused on foreign investment and the liberalisation of capital flows. The challenges facing a new democratic government in 1994 were daunting, and often under-estimated. The phenomenal achievements are often not recognised because the magnitude of the problem is not fully realised. Unravelling the apartheid state infrastructure, including the bantustans, which were extensively underpinned by an intricate legal spider's web, was a feat in itself. But above all, the new government found economic chaos and coffers that were virtually empty. While we recognise that many challenges still face us, not least among them tackling the high level of unemployment and attaining higher rates of growth, even our sharpest critics will acknowledge that an ANC government has put in place sound monetary and fiscal policies, and that the economy is better managed than ever before. 16