WATCH: IMF Meet To Consider South Africa's $4.2 Billion Loan Request

The International Monetary Fund (IMF) is meeting to consider South Africa’s $4.2 billion or R70-billion loan request. The Cyril Ramaphosa led administration indicated that it intends to use the loan to fund the fight against the novel coronavirus.

South Africa, with over 450 000 confirmed coronavirus cases, is the worst affected African country and is in the top-five worst affected countries globally.

That country’s economy, like economies of almost all African countries, was already receding when COVID-19 emerged and the lockdown is doing less to save the situation.