Tito Mboweni: South Africa may need the IMF's help to fight Covid-19

Tito Mboweni: South Africa may need the IMF's help to fight Covid-19

- Tito Mboweni may have to approach the International Monetary Fund (IMF) for financial assistance

- This would be necessary to fight the spread of Covid-19

- The effect on the South African economy has been devastating and combined with Moody's recent downgrade, SA is heading for recession

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Finance Minister Tito Mboweni has revealed that South Africa may have to approach the International Monetary Fund (IMF) for financial assistance.

This assistance would be specifically used to fight the spread of Covid-19. South Africa is expending vast amounts of resources to slow the spread of the virus and prop up the health care system.

"This morning in a conversation with the (central) Reserve Bank and the Treasury I indicated that we should proceed and speak to the IMF and the World Bank about any facility that we can access for health purposes," Mboweni said to the Sunday Times in an interview.

Briefly.co.za learned that South Africa is in its 3rd day of a 21-day lockdown in an effort to slow the spread of Covid-19. There have been 1187 confirmed cases in the country.

The effects of the lockdown and government expenses may drive the economy into recession according to the Sunday Times.

On Friday night, South Africa lost its last investment-grade rating as Moody's downgraded the country to junk status.

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In other news, Briefly.co.za reported on the latest figures of confirmed coronavirus cases.

The coronavirus infection rate has slowed this weekend to just 17 new cases bringing the total to 1187. This could be due to the weekend and labs running on a skeleton staff or an actual decrease in the rate of infection.

The figures were confirmed by the department of health on Saturday. Gauteng is still the centre for the outbreak in South Africa with 533 cases.

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Source: Briefly.co.za

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