NEWSFLASH: IMF COVID19 LOAN

The International Monetary Fund’s executive board has agreed to extend a $4.3 billion (R70 billion) loan to support South Africa’s response to the impacts of Covid-19 on the economy.

The decision comes after months of engagement between Treasury and IMF management, and it is part of R95 billion being sought from multilateral institutions to support job creation, protection and businesses negatively impacted by the Covid-19 pandemic. These loans are accounted for in government’s R500 billion stimulus package to support the economy.

So far both the New Development Bank and the African Development Bank have agreed to loans of $1 billion and R5 billion respectively. A chat at the bad and the good!

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