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Economists cautiously optimistic about Ramaphosa’s recovery plan

The plan includes a revised Mining Charter, changes to visas, a R400 billion infrastructure fund and other measures to boost growth.

FILE: President Cyril Ramaphosa addressing the launch the Sanitation Appropriate for Education (SAFE) Initiative at the Sheraton Hotel, Pretoria. Picture: GCIS.

JOHANNESBURG - The announcement of the economic stimulus and recovery plan has been met with cautious optimism.

President Cyril Ramaphosa has announced measures to kickstart the economy after the country entered a recession in the second quarter.

The plan includes a revised Mining Charter, changes to visas, a R400 billion infrastructure fund and other measures to boost growth.

Economist Thabi Leoka says the move to boost infrastructure will help growth.

But she says there has to be accountability when implementing the plan.

“I also worry that there is no dashboard where we can track successes, failures and timelines.”

On the other hand, Standard Bank's Goolam Ballim says leadership has been replaced in key sectors and the plan will help boost growth.

“I think the real fruits of the interventions will begin to materialise later this year and even more substantially in 2019.”

Ramaphosa says the plan is also aimed at improving investor confidence and increasing employment while the cost of doing business will also be decreased.

WATCH: Ramaphosa announces economic stimulus package

ADMIN COSTS CUT

Ramaphosa says government has already started a review of administrative costs in order to reduce the cost of doing business in South Africa and to lure international investment to the country.

He hopes these initiatives will restore investment and exploration levels in the mining sector.

The president says government will reduce the cost of doing business in order to boost exports and make local industry more competitive.

“Government has begun a review of various administrative prices starting with electricity, ports and rave tariffs.”

He says government has held consultations with business and labour leaders.

“We’re encouraged by the support they have pledged for the measures outlined and many have undertaken to provide resources and expertise to ensure that we succeed in what we’re doing.”

Ramaphosa is confident the package will reverse the recent contraction in the economy.

(Edited by Winnie Theletsane)

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