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.