IMF Grants $4.3 bn to South Africa to fight COVID-19

The International Monetary Fund (IMF) has approved USD 4.3 billion to South Africa in emergency funding, the largest amount is given to any country yet to fight the coronavirus pandemic.

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The funds “support the authorities’ efforts in addressing the challenging health situation and economic impact of the COVID-19 shock”. South Africa is the worst-hit country in the continent with over 4,50,000 cases. The pandemic is evolving in South Africa at a challenging time. With severe structural constraints to growth, economic activity has weakened over the last decade despite significant government spending, resulting in high unemployment, poverty, and income inequality.

Important takeaways for all competitive exams:

• Headquarters of IMF: Washington, D.C., United States.
• Managing Director of IMF: Kristalina Georgieva.
• Chief Economist of IMF: Gita Gopinath.
• Membership Countries of IMF: 189 countries.
• Capital of South Africa: Cape Town, Pretoria, Bloemfontein.
• Currency of South Africa: South African Rand.
• President of South Africa: Cyril Ramaphosa.

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