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LIVE BLOG: Social grant top ups a temporary measure not permanent - Mboweni

Finance Minister Tito Mboweni will on Friday afternoon provide details on the R500 billion COVID-19 economic relief packages announced by President Cyril Ramaphosa earlier this week.

WATCH LIVE: Media Briefing by Finance Minister following the president's address




Mthembu says government will present the risk-adjusted appraoch at 10 am tomorrow to the nation. 

Asked if government has thought on the reversal or keeping social grant top ups post COVID-19, 

Mboweni says the top ups on social grants are temporary measures and not permanent measures. 

"I am quite certain that our people with work together with us to understad the situation."



Mboweni: The Land Bank has come under severe stress. National Treasury, Land bank, some of the key banks and myself have been engaging in lengthy consultations to ensure that the Land Bank continues operating."

Loan guarantee scheme is ready to be launched by next week, says Mboweni.

Mthembu takes questions from the media for Mboweni. 

Mboweni says this could help with the emergence of production capacity in South Africa instead of countries like China for products SA can easily produce

Mboweni: "This real possiblity that we form a national agriculture board which will identify all under utilise funds and direct that to farmers and teach them on how to farm."

Mboweni: "How can we take full advantage of this crisis?"

Mboweni says the country can take the unemployed youth and introduce them as active participants in the economy through various programmes. 

A  number of companies may be unable to rise post COVID-19, says Mboweni. 

Mboweni says South Africa is entitled to get a loan of up to $4.2 billion from IMF and World Bank. 

Mboweni: IMF and World Bank has put measures to help countries affected by COVID-19, and we too are entitled to that help. 

Mboweni: The insurance companies will also put in place a set of measures to allow policyholders not to disadvantage their clients.

He says insurance companies cannot penalise people for missing premiums. "Those will be picked up," says. 

Mboweni: There will be VAT refunds and in addtion to that, the banking sector has announced a set of measures to support their clients in their banking industry.

Mboweni gives an example of halting the repayments of loans during this period. 

Mboweni: Through these tax measures, additional funding will be unlocked into the economy. Tax relief means more money in people's pockets so they can spend. 

Minister in the Presidency Jackson Mthembu now opens the floor to media.

Asked how are these initiatives going to be funded?

Mboweni: Reprioritisations and removing from the budget which can be postponed will be postponed and those funds will be redirected to the COVID-19 relief package. Mboweni mentions tourism for example and says funds from the Department of Tourism will be redirected because there is no tourism activity happening in the country. 

Mboweni: "We remain ready and committed to do whatever it takes to get our country going forward."

Mboweni now elaborating on the Employement Tax Incentive.

He says the expansion of the Employment Tax Incentive age eligibility from 30-65 for those not eligible because of age and allowing a flat amount of R500 monthly claim up to the age of 65.

Mboweni: Our teams are working closely with Sassa and other bank institutions to find ways of distributing the funds allocated to help grant recipients and the unemployed. 

Mboweni now reiterating how the R500 billion package will be distributed as mentioned by Ramaphosa on Tuesday. 

Mboweni says  SA's combined fiscal monetary package is now over R800 billion. 

Mboweni: We must always balance short term fiscal monetary policy to that of the long term. 

Mboweni: Over the last week, Treasury and Sarb teams have worked on a set of microeconomic responses to the crisis. 

Mboweni: We must be careful to choose a path that is too easy or too good to be true.

Mboweni: Our focus has been on how to use fiscal and economic policy in a way that can directly boost the heart of the economy. 

Minister Mboweni now gives address. 

Make sure you also follow @EWNReporter for live tweets coming from Mboweni's address at 2 pm this afternoon. 

What do we know about this R500 billion relief package so far?


1. So far, we know that around R130 billion of the budget will be reprioritised within the current budget.

2. The rest of the funds will be raised from both local sources, such as the Unemployment Insurance Fund, and from global partners and international financial institutions.

3. R50 billion will be directed towards relieving the plight of those who are most desperately affected by the coronavirus.

4.This means that child support grant beneficiaries will receive an extra R300 in May and from June to October they will receive an additional R500 each month.

5. All other grant beneficiaries will receive an extra R250 per month for the next six months.

6. Unemployed who do not receive grant or UIF payment will get R350 for six months.

7. An additional R100 billion will be set aside for the protection of jobs and to create jobs.

8. R40 billion has been set aside for income support payments for workers whose employers are not able to pay their wages.

9. An additional amount of R2 billion will be made available to assist SMEs and spaza shop owners and other small businesses.

10. The IDC facility to support companies to procure or manufacture personal protective equipment has been utilised in the past few weeks, with finance of R162 million approved to date.






South Africa has been seeing an increase in the number of COVID-19 cases, mainly due to the mass screening and testing by government to help curb the virus from further spreading.

As of Thursday, the Department of Health announced that the country's COVID-19 cases were now 3,953 with 75 deaths mainly from the Western Cape and KwaZulu-Natal.

The Western Cape overtook Gauteng as the epicentre of the virus. 

This COVID-19 recovery plan of R500 billion amounts to around 10% of GDP, according to President Ramaphosa. 

South Africa is now moving towards phase two of the plan, which entails the stabilising of the economy mainly looking at the decline in supply and demand and protecting jobs.

The president announced that the recovery plan consists of three phases with the first phase began in mid-March when he declared the coronavirus pandemic as a national disaster, which included tax relief, the release of disaster relief funds, emergency procurement, wage support through the UIF and funding to small businesses.