The International Monetary Fund announced Monday that it had approved $4.3 billion in aid to South Africa to combat the coronavirus pandemic.
“The IMF has approved $4.3 billion in emergency investments under the Rapid Financing Instrument (RFI) for the authorities’ efforts to address the complicated fitness scenario and the serious economic consequences of the COVID-19 shock.”
A crisis lender in Washington said in a statement.
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South Africa is the continent’s highest industrialized economy and has the number of COVID-19 cases, with more than 445,000 cases detected and 6,769 deaths on Monday, according to the African Centers for Disease Control and Prevention.
South Africa’s Finance Minister Tito Mboweni predicted in June that the economy would shrink by 7.2% by 2020, its biggest decline in 90 years, and growing public debt to a “hippopotamus matrix… devouring the legacy of our children.”
South Africa’s treasury said IMF cash would be used to stabilize debt, create jobs, combat COVID-19, and improve the economy to stimulate growth.