In the article 'Financial Liberalization in Africa and Asia', Huw Pill and Mahmood Pradhan state that Asian countries have generally been more successful than African countries in liberalizing their financial systems and thus Asia's experience with liberalization offers some useful lessons for Africa. Refer to the article Financial Liberalization in Africa and Asia' by Huw Pill and before answering the following questions: 4.1 Explain how primitive financial systems impede development? (4 marks) 4.2Explain why financial liberalisation is essential for economic development? (5 marks) 4.3Drawing from Huw Pill and Mahmood's article discuss the key factors that successful financial liberalisation depends on? (6 marks) QUESTION 5 (10 MARKS) At the height of Covid-19 pandemic, the South African government approached both the International Monetary Fund (IMF) and World Bank for external finance. In July 2020 , the IMF granted South Africa $4.3-billion (R70-billion) emergency loan. In June 2022, the World Bank approved a $480 million (R7.6 billion or) loan for South Africa's COVID-19 Emergency Response Project. Read the above extract before answering the following question: 4.1You are asked to advise the South African Economics Cluster in government about which of the two sources of external finance assistance, is likely to support development in the country. Justify your answer with your knowledge about the functions of these two institutions. (10 marks) In the article 'Financial Liberalization in Africa and Asia', Huw Pill and Mahmood Pradhan state that Asian countries have generally been more successful than African countries in liberalizing their financial systems and thus Asia's experience with liberalization offers some useful lessons for Africa. Refer to the article Financial Liberalization in Africa and Asia' by Huw Pill and before answering the following questions: 4.1 Explain how primitive financial systems impede development? (4 marks) 4.2Explain why financial liberalisation is essential for economic development? (5 marks) 4.3Drawing from Huw Pill and Mahmood's article discuss the key factors that successful financial liberalisation depends on? (6 marks) QUESTION 5 (10 MARKS) At the height of Covid-19 pandemic, the South African government approached both the International Monetary Fund (IMF) and World Bank for external finance. In July 2020 , the IMF granted South Africa $4.3-billion (R70-billion) emergency loan. In June 2022, the World Bank approved a $480 million (R7.6 billion or) loan for South Africa's COVID-19 Emergency Response Project. Read the above extract before answering the following question: 4.1You are asked to advise the South African Economics Cluster in government about which of the two sources of external finance assistance, is likely to support development in the country. Justify your answer with your knowledge about the functions of these two institutions. (10 marks)