IMF Approves $4.3 Billion Coronavirus Loan To South Africa

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IMF Approves $4.3 Billion Coronavirus Loan To South Africa
The International Monetary Fund's emergency loan will help support frontline health services and create jobs in South Africa.
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The International Monetary Fund has granted South Africa a $4.3 billion emergency loan to help the country amid the coronavirus pandemic.

The organization approved South Africa's request for emergency financial assistance on Monday. The country's treasury said in a statement the funds will go toward things like supporting frontline health services, job creation and stabilizing public debt.

With more than 450,000 COVID-19 cases, South Africa has the highest number of cases in the continent and the fifth largest caseload in the world. The pandemic has also devastated the country's economy, with unemployment now above 30% and rising.