Tito Mboweni says more than $4bn available from IMF, World Bank

Minister of Finance Tito Mboweni pictured here in March. File photo: Brendan Magaar/African News Agency (ANA)

Minister of Finance Tito Mboweni pictured here in March. File photo: Brendan Magaar/African News Agency (ANA)

Published Apr 24, 2020

Share

JOHANNESBURG - South Africa’s Finance Minister Tito Mboweni said on Friday there was more than $4 billion available from the International Monetary Fund and World Bank to help South Africa fight the Covid-19 crisis.

“We too are entitled to approach the IMF and World Bank for funding. The IMF has indicated themselves that South Africa is entitled to apply for up to $4.2 billion in response to this crisis,” Mboweni said.

“At the World Bank it seems for now we could negotiate for a facility of maybe between $55 and $60 million, very small, but we will negotiate as much as we can.” 

Ramaphosa delivered an economic recovery plan on Tuesday evening. 

In his speech, the president assured South Africans, that financial aid would be given to those who have been hard hit by the virus and its economic impact. 

Ramaphosa announced a R500bn economic and social support package as the government’s response to stimulate economic recovery hampered by the pandemic.

Ramaphosa said this relief package amounted to 10 percent of the country’s gross domestic product (GDP). He said the government was going into the second phase of economic measures with this “massive social and economic support package". 

Government will next week begin easing a nationwide lockdown that’s devastated the economy, while retaining a raft of restrictions to curb the spread of the coronavirus.

The country will move from the maximum disease-alert level 5 to a national level 4 on May 1, allowing the phased reopening of some businesses and industries subject to strict precautions, President Cyril Ramaphosa said Thursday in a televised address to the nation. 

REUTERS 

Related Topics: