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S.Africa's Ramaphosa pledges covid rescue package worth 10% of GDP

Published 21/04/2020, 20:15

JOHANNESBURG, April 21 (Reuters) - South Africa's President
Cyril Ramaphosa announced a 500 billion rand ($26.33 billion)
rescue package on Tuesday, equivalent to 10% of the GDP of
Africa's most industrialised nation, to try to cushion the
economic blow of the coronvirus pandemic.
"The pandemic requires an economic response that is equal to
the scale of the disruption it is causing," he said in an
address on national television.
Ramaphosa said South Africa had approached global financial
institutions like World Bank, IMF, and The African Development
Bank to help fund the package.
($1 = 18.9869 rand)

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