share on:

The African Development Bank (AfDB) has approved a roughly 5 billion rand ($300 million) loan to the South African government to help it fight the COVID-19 pandemic and support its budget, the bank said on Wednesday.

Africa’s most industrialised economy was in recession even before COVID-19 started ravaging its economy. Forecasts are now for gross domestic product to shrink by at least 7% this year, and a budget deficit of around 15% of GDP.

The country has recorded the most coronavirus infections in Africa, with more than 380,000 cases.

The AfDB said in a statement that the loan was to protect lives and promote access to essential medical equipment, to protect livelihoods by preserving jobs, and to support companies in the formal and informal economy.

“South Africa’s ability to respond to the pandemic has implications for neighbouring countries as well as the continent as a whole,” the bank said.

 

share on:
Black wash

Black wash

Blackwash is home to news, events, entertainment, inspiration and the rich cultural assemblage of the man and woman of colour. Blackwash echoes the beauty, struggles and successes of black people in Nigeria and diaspora. Every day, Blackwash publishes contents that impact lives spiritually, intellectually and professionally. Blackwash is powered by PROJECT MANAGEMENT HUB BN 2522711.

Leave a Reply

share on: