SA seeks to borrow R95bn from IMF, Brics Bank and World Bank
Treasury director-general says the funding costs will be favourable, but loan covenants and general conditions need to be interrogated
30 April 2020 - 14:14
The National Treasury is looking to raise R95bn from multilateral institutions and development banks for business support, job creation and protection of existing jobs in the midst of the Covid-19 crisis.
In a presentation to several parliamentary committees on Thursday, Treasury director-general Dondo Mogajane said $50m would be raised from the World Bank, $1bn from the New Development Bank [Brics Bank], and $4.2bn from the International Monetary Fund (IMF), giving a total of $5.07bn or R95bn. There is no finality yet to any lending from the African Development Bank...
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