South Africa has received USD4. 3 Billion (R70 Billion) from the International Monetary Fund (IMF) in emergency funding to mitigate the effects of the coronavirus.

In return, South Africa has committed to:

– Cut public spending

– Reduce the deficit

– Implement structural reforms

– And, reduce the debt to GDP ratio

The interest rate on the loan will be 1%.

These funds will be used to partly finance the R500 Billion Coronavirus relief package announced by Cyril Ramaphosa last month.