in , ,

South Africa receives $1 billion COVID-19 emergency loan

WordPress database error: [Table 'theafri8_wrdp1.wp_ppress_meta_data' doesn't exist]
SELECT * FROM wp_ppress_meta_data WHERE meta_key = 'content_restrict_data'

South Africa was already in recession before the pandemic wreaked further havoc in Africa’s most industrialised economy.

South Africa gets $1 billion coronavirus loan from New Development Bank www.africanstand.com
New Development Bank provides South Africa with $1 billion.

CAPETOWN, South Africa – The New Development Bank established by the BRICS group of emerging nations has approved a $1 billion COVID-19 emergency loan to South Africa to help reduce the socio-economic impacts of the pandemic, the National Treasury said on Saturday.

South Africa was already in recession before the pandemic wreaked further havoc in Africa’s most industrialised economy.

“The COVID-19 emergency program loan to South Africa will be provided in response to the urgent request and immediate financing needs of the South African government,” the Treasury said in a statement.

Finance minister Tito Mboweni is expected to unveil an emergency budget with major changes to spending and revenue forecasts in parliament on Wednesday.

The government this week further relaxed two months of tough restrictions as it looks to support the economy.

After detecting its first case in March, infections and deaths have spread across South Africa. As of Friday the country had 87,715 confirmed COVID-19 cases and 1,831 deaths.

Brazil, Russia, India, China, and South Africa are members of the New Development Bank.

Written by Wandukwa Henry

Wandukwa Henry is a graduate from the University of Nairobi with a Bachelor of Computer Science and now he is an African Stand correspondent covering the East African region.

Aston Villa 1-2 Chelsea Chelsea fight back to beat Aston Villa www.africanstand

Chelsea seal comeback to beat Aston Villa

Sudan warns against escalation in Nile dam dispute www.africanstand.com

Sudan warns against escalation in Nile dam dispute