The International Monetary Fund on Monday said it had approved $4.3 billion in aid to South Africa to help it fight the coronavirus pandemic. “The IMF approved $4.
3 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the COVID-19 shock,” the Washington-based crisis lender said in a statement.
South African Finance Minister Tito Mboweni in June predicted the economy would shrink 7.2 percent in 2020, its deepest slump in 90 years, and compared the ballooning public debt to a “hippopotamus… eating our children’s inheritance.” “Going forward, our fiscal measures will build on our policy strengths and limit the existing economic vulnerabilities which have been exacerbated by the COVID-19 pandemic,” Mboweni said in a statement.
IMF deputy managing director Geoffrey Okamoto said “a deep economic recession is unfolding,” exacerbated by South Africa’s slow rates of growth, high unemployment and widening inequality.
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