The International Monetary Fund approved R71-billion in emergency funding for South Africa, the largest emergency disbursement for any country yet to assist with fighting the coronavirus pandemic.
South Africa plans to announce a R350-billion infrastructure programme after talks with the private sector and multilateral lenders, said Paul Mashatile, the treasurer-general of the ANC.
South Africa is entitled to as much as R80-billion in emergency funding from the International Monetary Fund should it request financial support to fight the coronavirus, and it could do so with few strings attached.
South Africa has no fiscal space left and must implement strong budget consolidation and state-owned company reforms to ensure its debt sustainability, the International Monetary Fund said.
Regulators will need to “step up” to contain any dangers emanating from Facebook’s planned libra token, but shouldn’t attempt to crush the initiative, according to International Monetary Fund acting MD David Lipton.