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.
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.
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