South Africa is seeking R95-bln from multilateral lenders to help it fight the Covid-19 pandemic, a senior Treasury official said on Sunday.
Africa's most advanced economy is talking to the International Monetary Fund (IMF), World Bank, New Development Bank of the BRICS and African Development Bank to source funding to contribute to a R500-bln rescue package aimed at cushioning the impact of the new coronavirus on businesses and poor households.
The IMF has said South Africa is entitled to apply for up to $4.2 billion in response to the crisis, and Finance Minister Tito Mboweni said on Friday the government could negotiate for a facility of "maybe between $55 and $60 million" at the World Bank.
Dondo Mogajane, director general of the National Treasury, said in an interview with eNCA television on Sunday that South Africa "will certainly go" for the IMF funding.
"The World Bank has said ...South Africa can access a loan of about $50 million, the New Development Bank did say long ago that they have set aside a billion dollars that we can access and again we will be accessing that," Mogajane said.
"All in all, all of these interventions, currently we are looking at R95-bln coming from these institutions only for Covid-related interventions."