Ramaphosa says coming economic recovery plan a 'milestone for our country'

President Cyril Ramaphosa said that government had made strides in plotting a way forward and the country was out of the worst of the economic turmoil.

President Cyril Ramaphosa during his address on COVID-19 measures on 16 September 2020. Picture: GCIS

JOHANNESBURG - President Cyril Ramaphosa is promising that Cabinet will finalise a full economic recovery plan in the coming weeks.

He announced on Wednesday night that the economy would open up almost completely as the nation moves to lockdown level one next week.

READ: President Ramaphosa's full speech on easing of lockdown to alert level 1

But months of lockdown has left South Africa’s economy in tatters.

Ramaphosa said that they’d made strides in plotting a way forward and the country was out of the worst of the economic turmoil.

"The social partners at Nedlac have made tremendous progress on an ambitious social compact for economic recovery. This represents a historic milestone for our country, demonstrating what can be achieved when we unite to confront an urgent crisis."

Government has already earmarked and reprioritised R500 billion that’s been dedicated to various interventions to keep the economy afloat.

Those include special UIF payments, which have now been extended by another month.

"The UIF benefit has been extended until the end of the national state of disaster to ensure that those workers and companies whose income remains at risk can continue to be supported."

The R200 billion loan guarantee scheme that’s meant to keep businesses afloat during the pandemic and the associated lockdowns has also been tweaked.

"Adjustments have been made to the Loan Guarantee Scheme to make it easier for companies of any size to access credit at low interest rates, with repayments delayed for as much as twelve months. We encourage all companies who have faced a disruption of their earnings to seek support from this scheme while the economy recovers."

WATCH: Alert level 1 lockdown: All you need to know

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