South Africa aims to raise around $41 billion in markets this year – finance minister Enoch Godongwana

SOUTH Africa plans to raise around 630 billion rand ($41 billion) in global markets this year, Finance Minister Enoch Godongwana told lawmakers on Tuesday.

Godongwana made the remarks as he briefed the lawmakers on a recent 11 billion rand World Bank loan granted last month to help protect the poor and bolster a weak economy pummelled by four waves of the global pandemic.

“This year we are likely to raise 630 billion rand, so if (you) look at 11 billion rand in the scheme of things, it is small,” he said.

Asked about potentially strict conditions attached to the loan that could harm South Africa’s economic prospects, Godongwana there were none.

“Are there conditions attached? To my knowledge, no,” he said of the comparatively cheaper loan that also afforded South Africa a repayment holiday for the first three years.

Godongwana said unless South Africa, whose debt-to-GDP ratio is hovering around