According to the IMF, Pretoria was to repay the loan in five years at an interest rate of just over 1%.
EFF party spokesman Vuyani Pambo expressed concern that the funds would come with strict conditions that would ultimately undermine the country’s sovereignty.
Another opposition party, the People’s Congress (COPE), also reacted negatively to the loan announcement on Monday.
COPE spokesman Dennis Bloem said that due to rampant corruption in the country, there was no guarantee that the borrowed funds would be used for their intended purpose.
This is the first time that South Africa has turned to the Breton Woods institution for this type of transaction, and opposition parties have blamed President Cyril Ramaphosa and Finance Minister Tito Mboweni for this turn of events.
South Africa is one of seventy countries that have accepted financial loans from the IMF to help them protect their economies from the negative effects of the Covid-19 pandemic.
The virus has killed more than 7,000 people in 452,529 cases since March, Health Minister Zweli Mkhize said on Tuesday.