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Ramaphosa to unveil economic stimulus package on Friday

Sep 20 2018 10:47

President Cyril Ramaphosa will unveil a stimulus package that he hopes will kick-start South Africa’s lagging economy on Friday morning. 

Cabinet has signed off on the measures, which they hope will reignite economic growth, said Minister of Communications Nomvula Mokonyane on Thursday morning.

She was briefing the media on the outcomes of a Cabinet meeting held on Wednesday. Ramaphosa is set to make his announcement at 10am at the Union Buildings in Pretoria.

SA is currently in a technical recession following two successive quarters of negative economic growth, while business confidence has fallen.  

Projections for SA's 2018 real gross domestic product growth rate have also been downgraded in recent months. In early September Moody’s cut its estimate for SA's 2018 GDP growth rate from 1.5% to between 0.7% and 1.0%.

The president previously said that the stimulus measures would “secure confidence in sectors affected by regulatory uncertainty”.

Mokonyane on Thursday also said Cabinet welcomed an offer by private sector business leaders for the secondment of private-sector professionals to government.

This commitment emerged from the president's meetings with business leaders and his special investment envoys ahead of an upcoming investment conference and job summit.

"The meeting agreed that South Africa's economic recovery demands urgent implementation of the stimulus package and promised growth-enhancing reforms. Proposals were also discussed to establish and infrastructure development initiative that draws private sector funding and delivery expertise," said Mokonyane.

She did not share any details of how the secondment would work. 

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