South Africa must reform in return for $4.3 billion aid- IMF

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IMF HQ 2

IMF headquarters in Washington, DC

The International Monetary Fund has agreed an emergency support package worth $4.3 billion for South Africa, as coronavirus cases in the country rise.

The IMF announced on July 27 that it was providing South Africa aid worth 3,051.2 million in Special Drawing Rights, under its rapid financing instrument. The package is equal to 100% of South Africa’s quota for IMF aid.

South Africa’s government announced a strict lockdown to deal with the coronavirus pandemic on March 23. After the country

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