SA to borrow R19bn from Brics bank to help fight Covid-19

The Treasury says it will take up a $1bn (about R19bn) loan from the New Development Bank (NDB) – formerly known as the Brics Development Bank – to fight the Covid-19 pandemic.

According to DispatchLive, the Treasury is expected to borrow another $1bn later this year to help stimulate the economy after the downturn caused by the pandemic and lockdown.

The report indicated that SA would be the second Brics country to tap the emergency assistance programme after China borrowed $1bn in March.

By Deepa Kesa – TimesLIVE