(Ecofin Agency) - South Africa’s national treasury announced on June 20 it will receive a $1 billion Covid-19 emergency loan from Brics bank -New Development Bank (NDB).

The resources will support the government’s efforts in reducing the economic and health impacts of the pandemic which has killed about 1,930 people in the country, according to the latest official stats.

“The Program will contribute to providing critical healthcare resources and strengthening the social safety net in South Africa. The positive impacts will include improving the resilience of the public health sector and health emergency response systems, and facilitating socio-economic recovery,” the South African treasury said in a statement.

South African authorities see this operation as an opportunity to revive an economy, which has been drowning in recent years. According to the Central Bank, the country's economy is expected to contract by 7% this year. At the end of May, a senior official announced that the authorities plan to implement several infrastructure projects for a total investment of $20.5 billion to boost the economy.

Moutiou Adjibi Nourou