The 7 biggest interventions in Ramaphosa's R500bn coronavirus support package

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...