New loans and grants announced across the continent in response to COVID-19

The International Monetary Fund (IMF) approved the largest emergency loan in its history on Monday, providing South Africa $4.3 billion as it deals with its most prolonged recession since World War II. The IMF said that the loan will address the “severe economic impact of the Covid-19 shock” as well as the challenge of debt sustainability following the pandemic. South Africa had previously received $1 billion from the New Development Bank and $300 million from the African Development Bank, and it hopes to…



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