{"id":214224,"date":"2022-01-21T10:26:00","date_gmt":"2022-01-21T08:26:00","guid":{"rendered":"https:\/\/www.myza.co.za\/sa-granted-750m-world-bank-development-policy-loan\/"},"modified":"2022-01-21T10:26:00","modified_gmt":"2022-01-21T08:26:00","slug":"sa-granted-750m-world-bank-development-policy-loan","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/sa-granted-750m-world-bank-development-policy-loan\/","title":{"rendered":"SA granted $750m World Bank development policy loan"},"content":{"rendered":"
<\/div>\n

The National Treasury has welcomed a World Bank group board\u2019s approval of South Africa\u2019s request for a $750 million development policy loan (DPL).<\/p>\n

The Treasury in a statement on Friday said the loan would support government\u2019s efforts to accelerate its COVID-19 response, which was aimed at protecting the poor and vulnerable from the adverse socio-economic impacts of the pandemic. The response was also aimed at supporting a resilient and sustainable economic recovery.<\/p>\n

It said DPL supports the implementation of South Africa\u2019s Economic Reconstruction and Recovery Plan (ERRP) and was \u201cwell-aligned\u201d with the World Bank\u2019s Crisis Response Approach aimed at protecting lives, livelihoods and supporting a more inclusive and resilient growth path.<\/p>\n

\u201cIt reflects priorities to modernise the country\u2019s social protection and health services and to improve delivery systems which will apply even beyond the pandemic. It also enhances financial sector stability, specifically the establishment of a deposit insurance scheme. It further supports South Africa\u2019s commitment to climate change,\u201d said the Treasury.<\/p>\n

Treasury Director-General Dondo Mogajane said the World Bank budget support is coming at a critical time for the county and will contribute towards addressing the financing gap stemming from additional spending in response to the COVID-19 crisis.<\/p>\n

\u201cIt 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.\u201d<\/p>\n

The department said the was a low interest loan that contributed to the government\u2019s fiscal relief package while reinforcing South Africa\u2019s decisions on how best to provide relief to the economy and those worst affected by the current crisis.<\/p>\n

The loan complemented support by the International Monetary Fund, the African Development Bank, and the New Development Bank as part of the Government of South Africa\u2019s broader financing strategy to access external financing from international financial institutions.<\/p>\n

Marie Fran\u00e7oise Marie Nelly, World Bank Country Director for South Africa, said <\/strong>the bank had partnered with government to provide \u201cmuch needed relief from the impacts of the most serious economic crisis South Africa has experienced in the past 90 years, while tackling long-standing challenges to growth and development\u201d.<\/p>\n

\u201cThis support aims to put the country on a more resilient and inclusive growth path by leveraging South Africa\u2019s strength to mitigate the effects of the COVID-19 crisis through their strong social safety net and by advancing critical economic reforms.<\/p>\n

\u201cThis financing builds on our new World Bank Group Country Partnership Framework (CPF) 2022 \u2013 2026, jointly developed with the government in July 2021, to help stimulate investment and job creation.\u201d<\/p>\n

The bank said the country, as the second largest economy in Africa, South Africa\u2019s economic performance had \u201cspill-over effects on other countries in the region,\u201d saying its recovery and successful economic development would provide an economic boost to the whole region.<\/p>\n

World Bank Group COVID-19 Response<\/strong><\/p>\n

Since the start of the COVID-19 pandemic, the World Bank Group had deployed over $157 billion to fight the health, economic, and social impacts of the pandemic, the fastest and largest crisis response in its history.<\/p>\n

The financing was helping more than 100 countries strengthen pandemic preparedness, protect the poor and jobs, and jump start a climate-friendly recovery. The Bank was also supporting over 50 low- and middle-income countries, more than half of which are in Africa, with the purchase and deployment of COVID-19 vaccines and is making available $20 billion in financing for this purpose until the end of 2022. \u2013 SAnews.gov.za<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The National Treasury has welcomed a World Bank group board\u2019s approval of South Africa\u2019s request for a $750 million development policy loan (DPL). The Treasury in a statement on Friday said the loan would support government\u2019s efforts to accelerate its COVID-19 response, which was aimed at protecting the poor and vulnerable from the adverse socio-economic […]<\/p>\n","protected":false},"author":1,"featured_media":214225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[38678],"class_list":{"0":"post-214224","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-south-africa","8":"tag-sanews","9":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/01\/sa-granted-750m-world-bank-development-policy-loan.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/214224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=214224"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/214224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/214225"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=214224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=214224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=214224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}