As South Africa is reeling under the fourth wave of COVID-19, the World Bank has approved a loan of $750 million on Thursday. According to a statement released by South Africa National Treasury, a department that manages the annual budget and the government's finance, said the fund will be sanctioned to provide relief to the poor and support economic recovery from the pandemic. According to a report by Times Live, the virus has infected around 3.5 million people and killed more than 94,000 people in the country.

MEDIA STATEMENT ALERT: Media statement on the World Bank’s Development Policy Loan to South Africa. @WorldBankAfrica @GovernmentZA pic.twitter.com/J58zSjS3cv
— National Treasury (@TreasuryRSA) January 21, 2022

The report said that the successive lockdowns meant to protect people have led to the closure of thousands of businesses, swelling an army of unemployed as SA's jobless rate hit records in 2021. "The World Bank Group Board of Executive Directors approved South Africa's request for a $750 million development policy loan (DPL). This loan will support the Government of South Africa's efforts to accelerate its COVID-19 response aimed at protecting the poor and vulnerable from the adverse socio-economic impacts of the pandemic and supporting a resilient and sustainable economic recovery," the World Bank said in a statement released on Thursday.

Meanwhile, Dondo Mogajane, Director-General of National Treasury of South Africa said that the budget is significant for the country as it will help the country in addressing the financing gap stemming from additional spending in response to the COVID-19 crisis. "The World Bank budget support is coming at a critical time for us and will contribute towards addressing the financing gap stemming from additional spending in response to the COVID-19 crisis," said Mogajane. "It will assist in addressing the immediate challenge of financing critical health and social safety net programs whilst also continuing to develop our economic reform agenda to build back better," added Mogajane.

South Africa government eases curfew COVID restrictions

As the cases of Omicron declined sharply in the past two weeks, South Africa has announced to ease COVID restrictions. According to the country's health ministry, the fourth wave of the coronavirus, driven by the new variant, Omicron, has passed. The ministry said the cases dropped nearly 30% compared to last week. While announcing the relaxations, the government said it has removed the midnight to 4 am curfew based on the trajectory of the cases. According to the statement released by the government, all indicators suggested the nation might have passed the peak of the fourth wave.

South Africa government eases curfew COVID restrictions

(Image: AP/Unsplash)

World Bank approves COVID-relief loan of $750 million for South Africa

As South Africa is reeling under the back to back COVID wave, the World Bank has approved a loan of $750 million on Thursday, Times Live reported.

Follow: