IMF approves $4.3bn loan to South Africa

The International Monetary Fund has approved South Africa's loan request of US$4.3 billion for COVID-19 emergency financial support. Courtesy #DStv403

JOHANNESBURG - The International Monetary Fund (IMF) has approved South Africa's loan request of US$4.3 billion to address the socio-economic impact of COVID-19.

It will be the country's first-ever loan from the IMF, and it could come within days.

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Details on the commitments South Africa has made to support the loan will be revealed later in the week.

There have been mixed reactions to the country's IMF request, with some warning against the suffocating grip of accompanying conditions on the country.

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

Source
eNCA