Minister of Finance Tito Mboweni said that despite having funds available through the National Disaster fund it may need to set aside further funding.   African News Agency (ANA) archives
Minister of Finance Tito Mboweni said that despite having funds available through the National Disaster fund it may need to set aside further funding. African News Agency (ANA) archives

Tito Mboweni says will need to set aside further funding for coronavirus

By Alexander Winning and Staff Reporter Time of article published Mar 16, 2020

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JOHANNESBURG - South African Finance Minister Tito Mboweni said on Monday that despite having funds available through the National Disaster fund it may need to set aside further funding to deal with the coronavirus outbreak.

“As the situation develops we will need to set aside further funding, that means we will have to reduce programmes throughout the government system by reducing the allocated amounts,” said Mboweni during a conference outlining governments new measures to contain the outbreak in the country.

The number of confirmed cases in South Africa has risen to 61. 

The rout at the Johannesburg Stock Exchange (JSE) continued on Monday as stocks tumbled when the markets opened after the South African government imposed a travel ban on foreign travellers from high-risk countries due to the coronavirus (Covid-19).

President Cyril Ramaphosa on Sunday declared a national state of disaster and announced mandatory testing, self-isolation or quarantine for South African nationals returning from affected countries in a bid to the spread of the Covid-19.

Finance Minister Tito Mboweni said the National Treasury has a coordinating working group to deal with the financial  impact of the Covid-19 outbreak.

The JSE wiped off billions of rand as stocks were trailing the worst trade in a single day in 30 years following last week's Thursday's plunge. 

South African markets closed in the red on Friday, pulled down by losses in banking sector stocks.

Leading the rout on Monday was the banking group Investec Limited whose share price was down 39.45 percent to R39.35 while Investec Plc share price fell 38.67 to R39.60.

The banks index was 11.28 percent lower to 6 028 points on Monday while the gold stocks fell 10.56 percent to 2 289 points, platinum was 14.16 percent down to 36.38 points, and resources were 8.61 percent lower to 2 340 points. 

REUTERS / BUSINESS REPORT ONLINE 

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