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IMF to give SA R70.6bn 'emergency' loan

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The Treasury announced on Monday night that the IMF's board had approved the government's request for 'emergency financial support' to the tune of $4.3bn - around R70.58bn.

“The country has been hard-hit by the pandemic, and this required government to come up with fiscal and monetary measures that would respond to the struggling economy and contain its negative effects to society.”

“The South African Reserve Bank has reduced interest rates and made it easier for banks to lend money, and supported liquidity in the domestic bond market.

 

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