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IMF Grants $4.3 Billion to South Africa in biggest virus loan

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Source: Daily Maverick/Bloomberg, 27 July 2020, photo credit: Geld Winst Financering, Pixabay/Foodlog

The International Monetary Fund approved $4.3 billion in emergency funding for South Africa, the largest emergency disbursement for any country yet to assist with fighting the coronavirus pandemic.

The International Monetary Fund “support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the Covid-19 shock,” the Washington-based lender said in a statement Monday.

“Once the pandemic is behind, there is a pressing need to ensure debt sustainability and implement structural reforms to support the recovery and achieve sustainable and inclusive growth.”
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