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IMF Grants $4.3 Billion to S. Africa in Biggest Virus Loan

  • Country also got funding from New Development Bank, AfDB
  • South Africa faces rising government debt, tax shortfalls
Residents wearing protective face masks wait at a bus stop in Cape Town, South Africa.
Residents wearing protective face masks wait at a bus stop in Cape Town, South Africa.Photographer: Dwayne Senior/Bloomberg
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The International Monetary Fund approved $4.3 billion in emergency funding for South Africa, the largest emergency disbursement for any country yet to assist with fighting the coronavirus pandemic.

The funds “support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the Covid-19 shock,” the Washington-based lender said in a statement Monday. “Once the pandemic is behind, there is a pressing need to ensure debt sustainability and implement structural reforms to support the recovery and achieve sustainable and inclusive growth.”