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

28 July 2020 9:01 AM

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

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:


28 July 2020 9:01 AM

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