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Mogajane: IMF loan would come with 1% interest

This comes after President Cyril Ramaphosa said that a R500 billion stimulus package was being made available by government to help the country through the COVID-19 pandemic.

Treasury Director-General Dondo Mogajane at an inter-ministerial briefing on the coronavirus on 24 March 2020. Picture: @TreasuryRSA/Twitter

JOHANNESBURG - Treasury Director General Dondo Mogajane on Friday said the rate at which money was being borrowed from the International Monetary Fund (IMF) and others to fight COVID-19 was still being discussed but would be affordable.

This comes after President Cyril Ramaphosa said that a R500 billion stimulus package was being made available by government to help the country through the COVID-19 pandemic.

He said the IMF and others would help in funding South Africa.

Talking on the Money Show on Friday evening, Mogajane said this was cheap money with low-interest rates.

“It’s a specific type of loan with IMF, the interests are very low. The IMF arranged a 1% interest. So you can see this is very cheap.”

He said a number of others were also helping: “$1 billion from the New Development Bank and $15 million from the World Bank, we haven’t finalised with the African Bank because it’s a bit slower in terms of finalising the support that is possible to South Africa.”

LISTEN: National Treasury reveals R500 billion stimulus package budget