IMF has injected R65billion into SA’s fiscus

Johannesburg – The International Monetary Fund has injected R65-billion into South Africa’s fiscus

This will provide a much-needed boost to government’s finances as the country battles with Covid-19 and the aftermath of the violent riots.

The IMF’s Special Drawing Rights became effective on Monday and South Africa is a beneficiary.

Recently, its board of governors approved the general allocation of special drawing rights of over 600 billion US dollars.

This is the biggest IMF emergency funding in its history that was created with the Covid-19 global pandemic.

The IMF said the pandemic has weakened economic conditions in South Africa.

It also notes the impact of the third wave on South Africa and the importance of the vaccination campaign.