U.S.$750 Million Boost for South Africa's Fight Against Covid-19

A loan of U.S.$750 million has been approved following a request by South Africa to the world Bank for funds to accelerate the nation's response efforts against Covid-19. This development policy loan from the World Bank supports the implementation of South Africa's Economic Reconstruction and Recovery Plan. The funding is a low interest loan that contributes to the government's fiscal relief package while reinforcing South Africa's decisions on how best to provide relief to the economy and those worst affected by the current crisis, a press release read.

"The World Bank budget support is coming at a critical time for us and will contribute towards addressing the financing gap stemming from additional spending in response to the Covid-19 crisis," says Dondo Mogajane, Director General of National Treasury of South Africa. "It will assist in addressing the immediate challenge of financing critical health and social safety net programs whilst also continuing to develop our economic reform agenda to build back better."

As of January 24, 2022, a total of 3,581,359 cases of Covid-19 have been confirmed in the country, of which 94,117 proved fatal and 3,411,555 resulted in recovery. Vacinations administered to date total 19,373,583.