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SA sovereignty intact, IMF loan will boost COVID-19 response - National Treasury

Director-general Dondo Mogajane reflects on the R70 billion loan granted to the country by the International Monetary Fund.

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

National Treasury on Monday said that the multi-billion-rand loan from the International Monetary Fund (IMF) would be used to forge a new economy and mitigate further harm from the devastating coronavirus pandemic.

The monetary fund approved the country's request for a $4.3 billion loan which is around R70 billion when
translated.

RELATED: 'The minute the IMF loan arrives in central bank account it's gonna disappear'

National Treasury director-general Dondo Mogajane speaking to Bongani Bingwa about the loan says South Africa will live up to the expectations and the commitments that it has made in getting this loan.

South African should be comfortable that we didn't put the country at risk and the sovereignty of the country is intact in terms of the agreement with the IMF.

Dondo Mogajane, Director-general - National Treasury

We are excited that COVID-19 response will be boosted by this loan.

Dondo Mogajane, Director-general - National Treasury

Treasury will make sure that the money will be spent according to the prescribes of the law, he adds.

He says accounting officers need to ensure that all COVID-19 related expenses are accounted for and done in a manner that is above the law.

Listen below to the full conversation:

This article first appeared on 702 : SA sovereignty intact, IMF loan will boost COVID-19 response - National Treasury