Treasury has announced that the New Development Bank board of directors has approved a $1 billion emergency loan for South Africa.
The money is aimed at helping the country deal with the COVID-19 pandemic and offer relief from the social and economic impact.
In a statement released on Saturday morning, Treasury said the funds would also go towards improving the healthcare system.
It said it’s working with the New Development Bank on the final technical and administrative requirements before final details are published.
South Africa approached multilateral lenders to help finance its COVID-19 stimulus package.
The country eased restrictions to allow for economic activity to resume in various sectors.
President Cyril Ramaphosa this week announced the re-opening of restaurants, beauty salons, cinemas, casinos, and non-contact sports
More Stories
Cost Being Reviewed, Not The Concept – Gungubele
SCA Dismisses Zuma ‘Special’ Application
Cosatu Calls For Government To Extend Fuel Levy Reduction
NICD Reports 3 801 New COVID-19 Cases
Zuma Medical Parole Appeal To Be Heard In August
Saftu Warns That SA On A Fast March To Becoming A Failed State
Ramaphosa Reiterates Importance Of African Unity
NICD Reports 5 284 New COVID-19 Cases In SA
Five VBS-linked Suspects Appear In Orkney Magistrate’s Court
Green Energy To Form Key Part Of SA-Germany Partnership
Umdloti Residents Protest Against Property Developers
Gunman Kills 19 Children, 2 Teachers At Texas Elementary School