The Brite Future (TBF)

The president on Tuesday evening announced a bold R500 billion stimulus package to keep the South African economy afloat as the country wages a war against the spread of the coronavirus pandemic. President Cyril Ramaphosa addresses the nation on COVID-19 on 9 April 2020. JOHANNESBURG - There are concerns about how President Cyril Ramaphosa ’s stimulus package would be guarded against corruption. The president on Tuesday evening announced a bold R500 billion stimulus package to keep the South African economy afloat as the country wages a war against the spread of the coronavirus (COVID-19) pandemic . The sum, which equals 10% of the country’s gross domestic product, would be split among several programmes aimed at helping businesses, poor people, and municipalities, among others. Political analyst Professor Somadoda Fikeni said measures announced by the president were un...

President Cyril Ramaphosa announced an unprecedented R500 billion social and economic support package to mitigate the impact of the coronavirus pandemic on Tuesday evening. The stimulus package comes to some 10% of the country's GDP, he said. Speaking in a televised address to provide an update on a special Cabinet meeting held last week, Ramaphosa said R130 billion of the amount will be supported by reprioritising funds from South Africa's existing Budget, with Finance Minister Tito Mboweni set to announce the adjustment budget in due course. The rest would need to be funded externally, the president said, with organisations such as the World Bank, the Brics Bank and the International Monetary Fund having been approached. The support package includes the following major interventions. R200 billion loan scheme with major banks While existing measures have been giving relief to many companies and workers, "it is clear that there is a far grea...