(2 minutes read)
· IMF Communications Director Gerry Rice said the IMF’s
management had been engaging with the South African government and
plans to present the country’s request for financial support to the
board
· The National Treasury has told Parliament that SA is seeking
US$4.2 billion (about R77 billion) from the IMF, strictly to respond
to the Covid-19 crisis.
The e International Monetary Fund (IMF) is considering South
Africa’s request for financial support to fight Covid-19. IMF
Communications Director Gerry Rice said the IMF’s management had been
engaging with the South African government and plans to present the
country’s request for financial support to the board. It is not known
when these discussions would take neither place nor the quantum of
financial package. The request from South Africa has come under the
rapid financing instrument, which is not subject to normal IMF
conditions.
In the aftermath of Covid-19, the IMF has received requests from more
than 100 countries, and since then it has doubled the access to its
emergency facilities and its rapid credit facility to enable it to
meet US$100 billion in anticipated demand. So far, the IMF board has
granted/disbursed financing of US$18 billion to 50 countries (Since
April6). In the meantime, the National Treasury has told Parliament
that SA is seeking US$4.2 billion (about R77 billion) from the IMF,
strictly to respond to the Covid-19 crisis. These funds are part of a
R500 billion stimulus package set up by the government.
