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South Africa gets $750 million World Bank loan to bolster COVID recovery effort -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a woman wearing a mask to protect her face from the coronavirus virus (COVID-19). The new Omicron coronavirus strain spreads at Tsomo in South Africa. REUTERS

CAPE TOWN (Reuters). The World Bank approved a loan for South Africa of $750 Million linked to COVID-19. It is intended to assist in the recovery of the economy from the pandemic and to protect the poor.

South Africa is the second most populous country on Africa. Four waves of disease have ravaged this continent, infecting 3.5million people.

Numerous businesses were closed as a result of successive lockdowns. The unemployed grew to tens of thousands, with South Africa’s unemployment rate hitting record highs in 2021.

Dondo Mogajane (director-general of National Treasury) stated in a statement that “the World Bank budget support comes at a crucial time for us.”

He said that funds from the loan’s development policy would be used to bridge the financing gap caused by additional COVID-19 spending.

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