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Cabinet to implement 'stimulus package' to boost economy

President Cyril Ramaphosa is expected to release details of this stimulus package at a job summit.

President Cyril Ramaphosa. Picture: @GovernmentZA/Twitter

JOHANNESBURG - Cabinet has approved President Cyril Ramaphosa's stimulus package, details of which are expected to be revealed on Friday.

South Africa has entered a recession for the first time since 2009, amid warnings that economic recovery will be slow.

Ratings agency Moody's recently warned that a recovery in economic growth would be slow and less than the Treasury's estimate of 1.5% for 2018 after a surprise contraction in the first two quarters.

Now, President Ramaphosa is expected to release details of this stimulus package at a job summit aimed at mobilising business, labour and government to create jobs on Friday.

Earlier this week, Ramaphosa presented highlights of the stimulus package. The package was adopted by Cabinet to spark economic activity and secure confidence in sectors affected by regulatory uncertainty.

Ramaphosa indicated that the stimulus package will reprioritise government spending within the existing fiscal framework towards activities that will stimulate economic activity.

The package will include a defined set of economic reforms covering issues such as mining, telecommunications, tourism and transport.

(Edited by Shimoney Regter)

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