The World Bank has approved a €454.4 million loan to South Africa for the country’s Covid-19 Emergency Response Project.
They said: “South Africa is the epicentre of the Covid-19 pandemic in Africa, with the highest cumulative numbers of infections and deaths. By supporting the country’s Covid-19 vaccination program, the project will help the government better cope with the pandemic, as the country experiences its fifth wave, and support the GoSA to create the fiscal space needed to strengthen its health system and ensure financial and institutional sustainability”.
Along with the Genomic Surveillance Project, the Covid-19 Emergency Response Project forms part of World Bank’s expanded support for South Africa’s response to the pandemic. Treasury said the loan forms part of government efforts to reduce debt service costs by making use of cheaper sources of funding through multilateral development banks, whilst supporting the health system to respond to Covid-19 through the roll-out of vaccines, critical research, and treatment measures,” says Ismail Momoniat, National Treasury Acting Director-General.
Selling South Africa bit by bit
Today's youth fast asleep yet they are the ones who will be servicing this debt.
Cadres going to be stoked 🤓
Not sure who at the WB is approving these 'loans*, but their positions need to be reviewed given that there is little to no chance of these 'loans' ever being repaid.
Waist of money that will land in the hands of this corrupts leaders.. the Circus getting more and more ,,and no one really check on them..world Bank maybe is involve too!
ifyouknowyouknow
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTechSA - 🏆 24. / 61 Read more »