PRETORIA – President Cyril Ramaphosa said on Friday part of the R50 billion re-prioritised funding in government's stimulus and recovery plan would be directed towards investments in agriculture and economic activity in townships and rural areas.
Ramaphosa announced a "stimulus package" in a bid to reignite growth, stimulate economic recovery and secure confidence in sectors affected by regulatory uncertainty and inconsistency after the country entered a technical recession following two consecutive negative growth quarters in the second quarter.
Ramaphosa said the R50 billion stimulus plan consisted of a range of measures, both financial and non-financial, to be implemented immediately in a bid to ignite economic activity and encourage investment.
"The central element of the economic stimulus and recovery plan is the reprioritisation of spending towards activities that have the greatest impact on economic growth, domestic demand and job creation, with a particular emphasis on township and rural economies, women and youth," Ramaphosa said.
"Agriculture has massive potential for job creation in the immediate and long term. The interventions we have identified will include a package of support measures for black commercial farmers so as to, increase their entry into food value chains through access to infrastructure like abattoirs and feedlots."