(Ecofin Agency) - The World Bank validated last week a $750 million financing for South Africa. The money, granted as a development policy loan (DPL), will go for the Economic Reconstruction and Recovery Plan (ERRP).

It will help accelerate the government's pro-poor and economic recovery efforts. “The World Bank budget support is coming at a critical time for us and will contribute towards addressing the financing gap stemming from additional spending in response to the COVID-19 crisis,” says Dondo Mogajane, MD of National Treasury of South Africa.

“It will assist in addressing the immediate challenge of financing critical health and social safety net programs whilst also continuing to develop our economic reform agenda to build back better,” he added.