Treasury set to take R19bn loan from New Development Bank to fight COVID-19

South Africa was dealt the latest ratings blow on Friday, when Fitch placed the country two notches into junk.

JOHANNESBURG - Treasury looks set to take a R19 billion loan from the New Development Bank to fight the coronavirus pandemic here at home.

According to Business Day, government is still considering lifelines offered by other multilateral funding organisations.

South Africa was dealt the latest ratings blow on Friday when Fitch placed the country two notches into junk.

It followed Moody's decision a week earlier to put SA government debt into junk status.

The double hit means it will take South Africa several years to claw its way back up the ratings ladder amid the COVID-19 crisis and a debt burden that continues to spiral.