The World Bank approved an R11.3 billion development loan for South Africa on Friday the 21st of January, now many questions are being asked about how and where the additional funds could be used.
The long term loan will be over 13 years period, therefore the money may be used to assist the government pay for the extension of the social relief of distress (SRD) grant beyond March 2022 since President Cyril Ramaphosa announced that the SRD grant will lapse at the end of March 2022.
However, some government officials like the treasury deputy director-general for asset and liability management Duncan Pieterse said that the loan will be used to meet interest payments on South Africa’s debt with other countries. In other words, some government officials do not support the extension of the R350 SRD Grant but they other other plans with the money.
On the other hand, other organizations calls for grant extension.
The ANC and Cosatu have raised for the grant extension of the R350 social relief of distress grant to continue save the lives of those who are in need of the money, but particularly those who do not work.
President Cyril Ramaphosa mentioned that the government must look other ways to provide some income to support the poor and the unemployed South African youth.
“We must extend the R350 SRD Grant beyond month of March and also the banks must intervene and provide affordable loans for small businesses for job creation.
Social development minister Lindiwe Zulu also assured that her department is also pushing for an extension of the R350 Social Relief of Distress (SRD) grant.
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