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New Development Bank provides SA with $1bn Covid-19 loan

A lab technician processes Covid-19 samples at a clinic in the Moutse Valley, 160 kms northeast of Johannesburg. File picture: Jerome Delay/AP

A lab technician processes Covid-19 samples at a clinic in the Moutse Valley, 160 kms northeast of Johannesburg. File picture: Jerome Delay/AP

Published Jun 20, 2020

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Cape Town - The New Development Bank

established by the Brics group of emerging nations has approved

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a $1 billion (around R17.2 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

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provided in response to the urgent request and immediate

financing needs of the South African government," the Treasury

said in a statement.

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Finance minister Tito Mboweni is expected to unveil an

emergency budget with major changes to spending and revenue

forecasts in parliament on Wednesday.

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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 Saturday the country

had 92 681 confirmed Covid-19 cases and 1 877 deaths.

Brazil, Russia, India, China and South Africa are members of

the New Development Bank. 

Reuters

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