- Gauteng Premier David Makhura says the province has suffered R3.5 billion loss in revenue due to recent riots
- Makhura stated that due to the destruction of shopping malls more than 14 000 people have not been able to return to work
- The Gauteng province has secured funding from the public and private sectors to develop a township economy programme
JOHANNESBURG - In the aftermath of the riots that took place in KwaZulu-Natal and Gauteng, Premier of Gauteng David Makhura says the province has lost an estimated R3.5 billion in revenue.
While the information was still preliminary, Makhura said it revealed that 14,500 jobs had been lost and 30 shopping centres and malls have been looted, according to a report by EWN.
“The cost is R3.5bn in stock and this preliminary amount does not include uninsured township businesses," said Makhura.
Makhura stated that factories were not affected by the looting as it was restricted to businesses and malls in the Gauteng Province.
He explained that the looting and violence occurred during an already difficult time in Gauteng when many people were laid off as a result of the level-3 lockdown recent regulations.
Makhura added that a lot of economic intervention needed to take place to help the province recover not only from the effects of the riots but also the Covid-19 pandemic.
“The social and economic impact of Covid-19 and the unrest were severe and need attention,” Makhura said in a quote by TimesLIVE.
Gauteng MEC of economic development Parks Tau says the department has been in talks with individuals from the private and public sectors who have committed to aid by bringing in funding to help rebuild what has been lost as well as focus on the development of a township economy programme, according to TimesLIVE.
SA Unrest: Looting cost KZN R20 billion, 150 000 jobs at risk
Briefly News previously reported that the KwaZulu-Natal economy has lost R20 billion as a result of the violent riots, looting and destruction of infrastructure that erupted in the aftermath of former President Jacob Zuma's arrest.
Acting Minister in the Presidency Khumbudzo Ntshavheni at a media briefing on Tuesday stated that the damage to industrial and retail facilities will heavily impact the economy, according to a report by SowetanLIVE.
Ntshaveni stated these losses would impact KwaZulu-Natal's GDP and also the rest of the country.
The eThekwini Economic Development and Planning Committee estimates that R1.5 billion in goods was destroyed in the riots, R15 billion in infrastructure was lost and over 50 000 informal traders lost their income, according to IOL.
This is on top of the nearly 1.5 million people who have lost their ability to work and a total of 150 000 jobs are thought to be in jeopardy.
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Source: Briefly News