About: http://data.cimple.eu/news-article/db1e8ac3111877dbdf4e29f284c8048cf9785c7317b8f48e7b03410e

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About: http://data.cimple.eu/news-article/db1e8ac3111877dbdf4e29f284c8048cf9785c7317b8f48e7b03410e Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	The International Monetary Fund on Monday said it had approved $4.3 billion in aid to South Africa to help it fight the coronavirus pandemic. "The IMF approved $4.3 billion in emergency financial assistance under the Rapid Financing Instrument (RFI) to support the authorities' efforts in addressing the challenging health situation and severe economic impact of the COVID-19 shock," the Washington-based crisis lender said in a statement. South Africa is the continent's most-industrialized economy and has the largest number COVID-19 cases, with more than 445,000 detected and 6,769 deaths as of Monday, according to the Africa Centres for Disease Control and Prevention. South African Finance Minister Tito Mboweni in June predicted the economy would shrink 7.2 percent in 2020, its deepest slump in 90 years, and compared the ballooning public debt to a "hippopotamus... eating our children's inheritance." The South African treasury said the IMF money would go towards stabilizing the debt, creating jobs, helping frontline health workers fighting COVID-19 and reforming the economy to spur growth. "Going forward, our fiscal measures will build on our policy strengths and limit the existing economic vulnerabilities which have been exacerbated by the COVID-19 pandemic," Mboweni said in a statement. The money from the IMF is the latest disbursement under the RFI, which allows nations to circumvent the lengthy negotiations usually needed to secure a full economic assistance program -- time most countries do not have as they struggle to cope with the coronavirus crisis. IMF deputy managing director Geoffrey Okamoto said "a deep economic recession is unfolding," exacerbated by South Africa's slow rates of growth, high unemployment and widening inequality. The RFI money will help address the country's balance of payment needs "that emerged as a result of the pandemic and thus contain the economic disruption and its regional spillovers." The money will specifically address "the fiscal pressures posed by the pandemic, limit regional spillovers and catalyze additional financing from other international financial institutions," the IMF said. cs/ch
schema:headline	IMF approves $4.3 bn to help South Africa fight COVID-19
schema:mentions	Geoffrey of Monmouth Hippopotamus Finance minister Government debt Recession International Monetary Fund Africa South Africa Pandemic Severe acute respiratory syndrome coronavirus 2 Electromagnetic interference Tito Mboweni Spur
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-27 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	82 (xsd:integer)

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