COVID-19: IMF approves $4.3bn loan for South Africa

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The International Monetary Fund has approved a $4.3 billion loan to support South Africa’s response to the impacts of the coronavirus pandemic on its economy.

It is the largest emergency disbursement for any country yet to assist with fighting the coronavirus pandemic.

Finance Minister Tito Mboweni said the money would be used for economic recovery along with COVID-19 interventions, which include supporting the country’s fragile public health system and helping front-line health workers.

South Africa is the hardest-hit country on the continent with nearly 450,000 confirmed Covid-19 cases.

The country recently received loans from the New Development Bank and the African Development Bank totalling nearly $1.3bn to respond to the pandemic.

 




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