President Cyril Ramaphosa has announced a R500-billion stimulus plan to deal with the economic and socio-economic impact of COVID-19 on the economy.
Ramaphosa was addressing the nation on Tuesday on additional economic and social relief measures that form part of the national response to the coronavirus pandemic.
Ramaphosa says he salutes the country for their fortitude and endurance during the lockdown so far.
He reiterates the devastating effects the lockdown has had on the country but says it does not compare to the catastrophic impact it could have on our society.
“We are now embarking on the second phase on our economic response, to stabilise the economy and protect jobs. This includes an economic package of R500billion, which amounts to about 10% of our GDP.”
Ramaphosa also announced that a temporary, 6-month coronavirus grant will be launched.
“R50 billion will be allocated to this. Child grant beneficiaries will receive an extra R300 in May and thereafter and additional R500.”
Ramaphosa also says a R200 billion loan guarantee scheme will be launched to assist businesses with operational costs to be able to meet their responsibilities.
Companies with turnover of less than R300 million are eligible and it will support over 700,000 businesses and 3 million workers.
Faizel Patel
0 Comments