IMF board approves $4.3 bln loan to help South Africa to fight pandemic

The IMF has granted SA a loan running into billions of rands.
The IMF has granted SA a loan running into billions of rands.
Image: Stock

The International Monetary Fund said on Monday its executive board approved $4.3 billion in emergency financing for South Africa to help the country address the “severe economic impact” and health challenges of the coronavirus pandemic.

The IMF said the Rapid Financing Instrument loan, equal to 100% of South Africa’s IMF quota, or shareholding, will help fill urgent balance of payments needs from pandemic-caused fiscal pressures.

It also will “limit regional spillovers, and catalyze additional financing from other international financial institutions,” the Fund added.

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