Stimulus package for economy soon

President Cyril Ramaphosa will today announce measures to stimulate the economy, which is in a technical recession.

Government spokesperson Communications Minister Nomvula Mokonyane said Cabinet had approved the stimulus package.

“The stimulus package proposes measures to reignite our economy from a number of related portfolios.

“Proposals were also discussed to establish an infrastructure-development initiative that draws in private sector funding and delivery expertise,” she said.

Cabinet had welcomed an offer by the private sector to second professionals to government to boost skills, she added.

“This emerged from a preparatory meeting held by the president with business leaders, special investment envoys and the CEO Initiative, ahead of the upcoming job summit and investment conference.”

The job summit, set for next month, was announced by Ramaphosa shortly after he became president as a bid to curb unemployment of 27%.

Ramaphosa is also on a drive to attract $100 billion (R1.4 trillion) in investment in the economy over the next five years.

Ramaphosa is also expected to give details of the new version of the Mining Charter that was approved by Cabinet this week.

This move is an attempt to end policy uncertainty in the sector, which is seen as one of the biggest impediments to investment. – ANA