IMF approves largest $ 4.3 billion COVID-19 loan to South Africa

The International Monetary Fund (IMF) has approved a US $ 4.3 billion loan for emergency services in South Africa. It is the highest amount of loan for any country in the world to fight the coronovirus epidemic.

IMF approved this loan “to support the authority’s efforts in addressing the economic situation and economic impact impacted by COVID-19. South Africa more than 4,50,000 cases, is the most affected country. An epidemic is posing a challenging problem in South Africa. Due to a drastic reduction in development, economic activity has weakened over the past decade despite significant government spending, resulting in high unemployment, poverty and income inequality.

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