S.Africa's Ramaphosa pledges covid rescue package worth 10% of GDP

South Africa's President Cyril Ramaphosa announced a 500 billion rand ($26.33 billion) rescue package on Tuesday, equivalent to 10% of the GDP of Africa's most industrialized nation, to try to cushion the economic blow of the coronavirus pandemic.

"The pandemic requires an economic response that is equal to the scale of the disruption it is causing," he said in an address on national television.

Ramaphosa said South Africa had approached global financial institutions like World Bank, IMF, and The African Development Bank to help fund the package. ($1 = 18.9869 rand)