South African President Cyril Ramaphosa announced a $26 billion fiscal stimulus package, the largest in his country's history, to tackle the economic fallout from the coronavirus.
, thus far containing the rate of infection well below that seen in Europe and the U.S. As of Thursday, the country has confirmed 3,635 cases with 65 deaths, according to Johns Hopkins University.South Africa's sovereign credit rated as "junk" by all major ratings agencies
"High debt loads, at 59.6% of GDP, constrain South Africa's ability to fund its proposed package independently, and it will need to rely on external debt from the World Bank and the IMF's Rapid Credit Facility," said Indigo Ellis, head of Africa at Verisk Maplecroft. PRETORIA, SOUTH AFRICA - MARCH 16: Finance minister, Tito Mboweni briefs the media on the details of government interventions in various sectors of the departmental portfolios on COVID-19 at DIRCO Media Centre.The South African Reserve Bank has been active in loosening monetary conditions, cutting its main repo rate twice since the crisis began to 4.25%.
Ellis suggested that the faction aligned with Ramaphosa's predecessor Jacob Zuma would likely challenge his leadership on the basis of any pursuit of IMF support.
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