IMF (The International Monetary Fund) approved a $4.3 billion (R70 billion) in support of the impact COVID-19 pandemic has caused to the South African economy. It has been decided by Treasury and IMF management after having discussed the matter intensively for a couple of months. The funds are a part of the R95 billion that has been sought from other companies to support areas affected by the impact of the COVID-19 pandemic including job creation, insurance cover, and businesses. According to multiple reports, the loans provided are accounted for in the government\u2019s economic R500 billion stimulus package. The New Development Bank agreed to loans of $1 billion, and the African Development Bank has agreed to loans of R5 billion. \u201cThe Executive Board of the International Monetary Fund (IMF) today approved South Africa\u2019s request for emergency financial assistance of SDR 3,051.2 million (US$ 4,286.5 million or 100 percent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment (BOP) needs stemming from the outbreak of the COVID-19 pandemic.\u201d IMF writes in a statement. Treasury in a statement indicated that the \u2018additional IMF funding is a low-interest loan that contributes to the government\u2019s fiscal relief package while respecting South Africa\u2019s decisions on how best to provide relief to the economy and those worst affected by the current crisis.\u2019 The relief package as indicated by Treasury will: \tSupport health and frontline services \tProtect the most vulnerable \tDrive job creation \tUnlock economic growth through reforms \tStabilize public debt The current Minister of Finance, Tito Titus Mboweni said \u201cGovernment\u2019s Covid-19 economic support package directs R500 billion straight at the problem. This is one of the largest economic response packages in the developing world. The South African Reserve Bank has reduced interest rates and made it easier for banks to lend money, and supported liquidity in the domestic bond market. \u201c \u201cGovernment spending and tax proposals, as well as the loan guarantee scheme and wage protection measures, are providing protection to workers and the poor while assisting firms to stay afloat during these tough economic times. Going forward, our fiscal measures will build on our policy strengths and limit the existing economic vulnerabilities which have been exacerbated by the Covid-19 pandemic.\u201d Mboweni added.