4.3 Billion Dollars Credits from IMF to South Africa!
The International Monetary Fund (IMF) will provide $ 4.3 billion in loan support to South Africa.
The IMF made a statement regarding South Africa, which is struggling with the economic and social problems caused by the new type of coronavirus (Covid-19) outbreak. It was stated in the statement that the proposal to give $ 4.3 billion of emergency loans to South Africa was approved to help solve the problems.
The IMF stressed that the Fast Financing Instrument (RFI) loan is equal to 100% of South Africa’s IMF quota and will alleviate the economic crisis.
The statement said: “Credit will limit regional reflections and will set the ground for additional funding from other international financial institutions”.
The economy of South Africa, known as the most developed country in the African Continent, was also in recession in the pre-epidemic period. In South Africa, where gross domestic product is expected to decrease by 7 percent in 2020, it is planned to borrow $ 7 billion from international financial institutions.