INingizimu Afrika Isithathe Isikweletu sika-R11 Billion Ukulwa neCOVID-19

By: Lindelani Mbatha

The National Treasury has confirmed that the World Bank has approved South Africa’s request for a $750 million loan, which is about R11.4-billion, to support the government’s efforts in fighting the Covid-19 pandemic.

The funds come as the country had been battling the fourth wave of the virus.

National Treasury’s Director-General, Dondo Mogajane, says the World Bank budget support is coming at a critical time for the country and will contribute towards addressing the financing gap stemming from additional spending in response to the pandemic.

South Africa is the continent’s most industrialised economy and its poor economic performance would have an impact on the regional economies.

The economy was severely affected in the first few months after Covid-19, but it has gradually recovered with most of the businesses having opened.

Mogajane says the money will also help in addressing the immediate challenge of financing critical health and social safety net programs.