Covid-19: IMF approves $ 4,2 billion loan to South Africa

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Covid-19: IMF approves $ 4,2 billion loan to South Africa

The International Monetary Fund (IMF) has approved a $ 4,3 billion (£ 3,3 billion) loan to South Africa to help it cope with the impact of the coronavirus pandemic which devastated the economy.

South Africa is the hardest-hit country on the continent with nearly 450000 confirmed cases of Covid-19,

This is the first time in its history that the country has received an IMF loan.

Finance Minister Tito Mboweni said the money will be used for economic recovery with Covid-19 interventions, which include supporting the country's fragile public health system and helping frontline health workers .

The country recently received loans from the New Development Bank and the African Development Bank totaling nearly $ 1,3 billion to respond to the pandemic.

This article appeared first on: https://www.bbc.com/news/live/world-africa-47639452

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