South Africa, the most advanced economy in the region, is in talks with IMF, World Bank, BRICS and ADP for funds to contribute to a $26.5B Covid-19 rescue package
A police officer and a member of the military can be seen in this April 23, 2020 photograph on patrol during a nationwide lockdown aimed at limiting the spread of the coronavirus disease , in Soweto, South Africa.
The IMF has said South Africa is entitled to apply for up to $4.2 billion in response to the crisis, and Finance Minister Tito Mboweni said on Friday the government could negotiate for a facility of "maybe between $55 and $60 million" at the World Bank. "All in all, all of these interventions, currently we are looking at $4.99 billion coming from these institutions only for Covid-related interventions."
"The IMF has said upfront that it is 1 percent interest that is available so we will certainly go for it because it is cheap."
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