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Govt announces R500b to aid the economy & R50b for social grants

The president’s address follows a Cabinet meeting on Monday that discussed ways to strengthen the country’s socio-economic recovery plan.

FILE: President Cyril Ramaphosa. Picture: @PresidencyZA/Twitter.

JOHANNESBURG - President Cyril Ramaphosa has announced that government will direct R50 billion towards grants, in which child grant recipients will receive R300 in May and R500 in June.

He is addressing the nation on Tuesday night on additional economic and social relief measures that form part of the national response to the coronavirus (COVID-19) pandemic.

All the other recipients will receive R260 extra for the next six months

The unemployed, with no source of income, will receive a monthly stipend of R350 for the next six months.

Ramaphosa said Sassa will be distributing food through the provision of vouchers for the vulnerable for the poor.

MASSIVE SUPPORT PACKAGE

President Ramaphosa said a massive support package of R500 billion, which amounts to 10% of GDP, as the country battles the coronavirus pandemic.

The president said he country’s economic recovery measures were three phases with the first phase that began in mid-March when the virus was declared a state of disaster.

The president said the country was in phase two, which was to stabilise economy and address demands of production and prevent job losses.

Ramaphosa said an additional R100 billion has been set aside for those who will lose their jobs and creating jobs during this lockdown period.

The president’s address follows a Cabinet meeting on Monday that discussed ways to strengthen the country’s socio-economic recovery plan.

All Cabinet clusters were asked to work together to come up with a single document outlining the key priorities of South Africa’s plan to help citizens and businesses survive the crisis.

“The president’s address flows from recent deliberations at Cabinet, the national coronavirus command council, the president’s coordinating council, and the national economic development and labour council, among others,” Presidency spokesperson Khusela Diko said in an earlier statement.

Ahead of his address, some economists say the president needed to also have a post-COVID-19 plan to help pickup the ailing economy.

Since the lockdown, many South Africans have been left without an income resulting in a looming economic crisis and a recession, which Finance Minister Tito Mboweni told the country to prepare for.