Treasury says South Africa has been granted over R17 billion Emergency Assistance Program loan by the New Development Bank.
The loan program will assist government in the battle to stem the spread of COVID-19.
In April, President Cyril Ramaphosa announced a R500 billion support package for the economy as the country battles the COVID-19 pandemic. This amounts to 10% of the Gross Domestic Product.
SABC’s Nandika Beukes elaborates: “The loan will also go towards reducing the human, social and economic losses due to the pandemic and will also contribute to providing healthcare resources. In a statement, Treasury welcomed the approval of the loan and says it is working together with the bank on finalising the agreement.
When the country began its nationwide lockdown at the end of March, President Cyril Ramaphosa announced a R500 billion stimulus package to soften the economic impact on businesses, workers and the unemployed.”
Below is the full statement on the Emergency Assistance Program loan:
In the video below President Cyril Ramaphosa announces the stimulus package: