- Feb 7, 2020
Here's some loan development details;
The National Treasury will be borrowing R95bn from multilateral financial institutions, which will provide business support, job creation and protection.
[1st of May]
The government will use the R95 billion it is borrowing from international financial institutions to support businesses hit hard by the Covid-19 pandemic as well as create and protect much-needed jobs.
This next one from 17 May claims the IMF are now behaving. But easy enough to make any claims... (IMO of course.)The National Treasury on Thursday indicated that it would be borrowing R95bn from multilateral financial institutions – the International Monetary Fund (IMF), the World Bank and BRICS’s New Development Bank (NDB) – which will provide business support, job creation and protection.
South Africa has borrowed US$4.2bn (over R77.4bn) from the IMF, while the African Development Bank’s funding is yet to be determined, and the institution is still assessing the requests from member countries.
The International Monetary Fund’s emergency funding is cheaper than other options and is low risk. The Reserve Bank creating money to finance government debt is a better option