Minister of Finance Tito Mboweni pictured here in March. File photo: Brendan Magaar/African News Agency (ANA)
Minister of Finance Tito Mboweni pictured here in March. File photo: Brendan Magaar/African News Agency (ANA)

Ministers to shed more light on R500bn economic relief package on Friday

By Staff Reporter Time of article published Apr 22, 2020

Share this article:

CAPE TOWN - Ministers who serve in the National Coronavirus Command Council will on Friday expand on President Cyril Ramaphosa's R500bn economic and social relief package.

The briefing will take place at 10am on Friday morning, a statememnt from government said. 

The ministers would outline and further elaborate on the implementation of the directives as outlined by Ramaphosa on Tuesday night. 

The ministers will among others unpack socio-economic relief and the strengthening of the performance of the economy under the current conditions.

Ramaphosa delivered an economic recovery plan on Tuesday evening. 

In his speech, the president assured South Africans, that financial aid would be given to those who have been hard hit by the virus and its economic impact. 

Ramaphosa announced a R500bn economic and social support package as the government’s response to stimulate economic recovery hampered by the pandemic.

Ramaphosa said this relief package amounted to 10 percent of the country’s gross domestic product (GDP). He said the government was going into the second phase of economic measures with this “massive social and economic support package".

Finance Minister Tito Mboweni is expected to shed light on South Africa's lending application to institutions such as the World Bank, IMF, New Development Bank and African Development Bank, for more than R300bn required to effect the social and economic relief package. 

Social Development Minister Lindiwe Zulu would also be expected to outline how unemployed South Africans would benefit from a six-month temporary social grant. Each beneficiary would be paid R350 per month for six months, Ramaphosa announced. 

The extraordinary funding measures totalling R500bn will be channelled into healthcare, vital municipal services and social relief.

“Alongside this unprecedented public health effort are the measures we are taking to protect livelihoods, to stave off hunger and destitution and to set our economy on a path of recovery,” Ramaphosa said.

“The pandemic requires the response that is equal to the scale of the disruption that it is causing.”

Ramaphosa said the government had decided on a six months temporary coronavirus grant to assist the most vulnerable.

Child support grant recipients will receive an extra R300 in May, and from June an extra R500.

READ MORE: Ramaphosa announces R500bn support package as Covid-19 hits SA economy

IOL 

Share this article:

Related Articles