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In Shock || See How Much World Bank Approved To South Africa As Loan Due TO Covid-19

The South African government recently applied for a loan from the world bank and the good news is that the world bank has approved the loan that was applied. A whooping sum of $750-million was approved. 

This money when converted to the Rands will be equivalent to R11,378,025,000.00 according to google.

Source: Google

This loan was purposely applied because of the effect of Covid-19 on the South African economy and the loan will be used to improve efforts in South Africa's fight against COVID-19. The aim is also to protect the weak from adverse socio-economic effects of the pandemic.

Speaking about the loan, the National Treasury said that the support from the world bank came at a critical time for South Africa. It added that the help will close the financial gap caused by the Covid-19 pandemic.

Speaking on the interest on the loan, it was revealed that the funding is a low-interest loan intended to contribute to the government's fiscal relief package.

What can you say about this recent loan collected by the South African government? Answer in the comment section.

Source: Www.enca.com

Content created and supplied by: SANews (via Opera News )

Covid-19 Google National Treasury Rands South African

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