South Africa’s bold R500 billion Covid-19 relief package announced on Day 25 of the nationwide lockdown

SOUTH AFRICA - Report 22 Apr 2020 by Iraj Abedian

In a previous report we highlighted the fact that, although South African government coffers are in a precarious state, the government still had to find ways to mobilize funds for tackling the Covid-19 pandemic’s catastrophic health, social and economic impact. The government has found a way to do just that. Last night President Cyril Ramaphosa announced the country’s largest social relief and economic stimulus package of R500 billion - roughly 10% of the GDP. He indicated, without giving specific details on the amounts, that the country will source some of the money from international finance institutions and other global partners. In broad terms, R350 billion will be raised via new debt, while R130 billion of the funds will come from the re-prioritization of money within the current 2020 Budget, and the rest of the funds will come from the likes of the country’s Unemployment Insurance Fund (UIF).

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.