South Africa:Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for South Africa

Author: International Monetary Fund. African Dept.

Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for South Africa

Volume/Issue: Volume 2020 Issue 226

Publication date: July 2020

ISBN: 9781513551722

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Money and Monetary Policy , International - Economics ,

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Summary

The COVID-19 outbreak is leading to a sharp economic contraction and creating significant financing needs in South Africa. The IMF approved US$4.3 billion in emergency financial assistance under the Rapid Financing Instrument (RFI) to support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the COVID-19 shock. Once the pandemic is behind, there is a pressing need to ensure public debt sustainability and implement structural reforms to support the recovery and achieve sustainable and inclusive growth.