IMF has injected R65bn into SA's fiscus

File: The IMF logo seen outside the head office. AFP/Brendan Smialowski

JOHANNESBURG - The International Monetary Fund has injected R65-billion into South Africa's fiscus.

This will provide a much-needed boost to government's finances as the country battles with COVID-19 and the aftermath of the violent riots.

The International Monetary Fund's Special Drawing Rights become effective on Monday and South Africa is a beneficiary.

Recently, the IMF board of governors approved the general allocation of special drawing rights of over 600 billion US dollars.

READ: IMF warns more funding needed to safeguard global economy

This is the biggest IMF emergency funding in its history.

It was created to deal with the  COVID-19 global pandemic.

The IMF says the pandemic has weakened economic conditions in South Africa.

It also notes the impact of the third wave on South Africa and the importance of the vaccination campaign.

Source
eNCA

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