This loan will support the government’s efforts to accelerate its Covid-19 response aimed at protecting the poor and vulnerable from the adverse socio-economic impacts of the pandemic and supporting a resilient and sustainable economic recovery, Treasury said in a statement on Friday .
“The World Bank budget support is coming at a critical time for us and will contribute towards addressing the financial gap stemming from additional spending in response to the Covid-19 crisis,” said Dondo Mogajane, director-general of the National Treasury. “It will assist in addressing the immediate challenge of financing critical health and social safety net programs to develop our economic reform agenda to build back better.”
Treasury said the funding is a low-interest loan that will contribute to South Africa’s fiscal relief package. It follows support that has already been given by a number of international monetary groups, including the International Monetary Fund, the African Development Bank and the New Development Bank.
As the second-largest economy in Africa, the World Bank noted that South Africa’s economic performance has spillover effects on other countries in the region. Its recovery and successful economic development will provide an economic boost to the whole region, it said.
ANC bonus loading?
🤣🤡 we default, they take our Harbours etc.
(insert the part where this loan will become the taxpayer's problem)
I guess since it's just business for the World Bank it's no use to ever request for a clause from loan agreement that intends to release the loan in stages, after ensuring that the amount is spent on the agreed upon initial project.
Where is this money we keep loaning even going to..
For what do they need this money ?
We don't need a loan 😎
How much are this county still going to lone They must create jobs and stop stealing You do not loan money to give people money to survive You need to create jobs
Meaning for corrupt politician's 🙂
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.