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IMF approves $4.3bn loan to South Africa


IMF approves $4.3bn loan to South Africa

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.

This will be the country’s first-ever loan from the IMF which might arrive within days upon approval.

Later in the week, details on the commitments South Africa has made to support the loan will be revealed.

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Apparently, mixed reactions have been erupting upon the country’s IMF request, with some warning against the suffocating grip of accompanying conditions on the country.

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

Some days back, African Development Bank loaned South Africa a total of $288 million (R5 billion).

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The loan was after Tito Mboweni presented an emergency budget to save jobs and help in improving the devastating effects of the global pandemic.

Below, you will find an attachment that contains the media statement of the approval from IMF.


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