There have been mixed reactions to the country's IMF request, with some warning against the suffocating grip of accompanying conditions on the country. Last month, Finance Minister Tito Mboweni announced in his supplementary budget speech that South Africa approached the IMF for emergency funding.
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IMF board approves $4.3 bln loan to help South Africa to fight pandemicThe 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.
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