The National Treasury on Saturday said the New Development Bank established by the BRICS group of emerging nations has approved a $1 billion COVID-19 emergency loan to South Africa to help reduce the socio-economic impacts of the pandemic. South Africa was already in recession before the pandemic wreaked further havoc in Africa’s most industrialised economy. The Treasury in a statement said the COVID-19 emergency program loan to South Africa will be provided in response to the urgent request and immediate financing needs of the South African government. Finance minister Tito Mboweni is expected to unveil an emergency budget with major changes to spending and revenue forecasts in parliament on Wednesday. Learn more about your ad choices. Visit megaphone.fm/adchoices