Sat, 15-Aug-2020
Saturday 20 Jun 2020 , 10:46 am

New Development Bank Provides South Africa with $1 Billion COVID-19 Loan

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

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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