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Lindiwe Zulu Breaks Significant News About SRD Grant: R11.3 Billion Financing Has Been Granted


On Friday, January 21st, the World Bank authorized an R11.3 billion infrastructure loan for South Africa; however, numerous doubts remain about how and where the additional funds will be used.

Since President Cyril Ramaphosa declared that the social relief of distress (SRD) award will expire at the end of March 2022, the money from the long-term loan could be utilized to help the government pay for an extension of the SRD grant beyond March 2022.

However, other government officials, such as Duncan Pieterse, the Treasury's acting director for asset and liability management, have stated that the loan will be used to pay interest on South Africa's foreign debt. To put it another way, some government officials oppose the expansion of the R350 SRD Grant, but they have alternative ideas on how to spend the money.


Other organizations, on either hand, are calling for funding extensions.


The ANC and Cosatu have called for the R350 social relief of distress award to be extended in order to preserve the lives of people who are in need, particularly those who do not work.


Source Link https://businesstech.co.za/news/finance/552664/r11-4-billion-world-bank-loan-could-be-used-to-help-fund-new-grants-for-south-africa-economists/

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Cyril Ramaphosa Duncan Pieterse Lindiwe Zulu South World Bank

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