IMF to consider SA's loan request

Finance Minister Tito Mboweni ahead of 2020 National Budget speech in Parliament, Cape Town.

Finance Minister Tito Mboweni ahead of 2020 National Budget speech in Parliament, Cape Town.

GCIS

JOHANNESBURG - A date has been set by the International Monetary Fund (IMF) to decide on South Africa's request for financial assistance.

Last month, Finance Minister Tito Mboweni announced in his supplementary budget speech that South Africa approached the IMF for energy funding.

The international body said it will meet next week to consider South Africa's request.

READ: Debt is our weakness, says Mboweni

The meeting comes after months of engagements between the National Treasury and IMF management.

South Africa wants a loan of R4.2-billion.

Mboweni has said that the loan will not "undermine" national sovereignty.

READ: SA won't consider IMF adjustment programme: Mboweni

In another bid to gain capital, the state testified in court that paying civil servant inflation-linked increases would add R37.8-billion to its debt burden.

Five unions have sued the government following its decision to not pay salary increases.

Source
eNCA