- On Friday morning President Ramaphosa addressed the nation to share details about his economic stimulus package
- The package will cost R50 billion and will focus on agriculture, infrastructure and townships
- President Ramaphosa is confident that the package will ignite South Africa's economy
President Ramaphosa's economic stimulus package will see billions invested in townships, agriculture and infrastructure.
The president announced on Friday what plans he has to reverse South Africa's technical recession.
The stimulus package will focus investments on rural economies, agriculture and townships. The package will cost R50 billion.
President Ramaphosa stated that his package has 5 measures to stimulate the South African economy, according to a report by EWN.
- Ignite economic activity
- Restore investor confidence
- Prevent further job loss/create jobs
- Address challenges faced by vulnerable groups
- Measures in relation to the municipal area
These measures will be implemented immediately and the president feels it will breathe life into the economy.
According to President Ramaphosa, there were many external and international factors that affected SA's growth negatively.
The president admitted that South Africa's economy has, for years, not grown at the necessary pace to create jobs. He then added that the minister of finance will be providing more information in October on the money that will be spent on the package.
Briefly.co.za learned that the government also plans to change the current visa requirements and make it easier for people to visit South Africa.
In an effort to lower the cost of business, several administration prices will be adjusted, like rail tariffs and electricity.
South Africa's education sector as well as the health sector will also be given more attention and resources.
Watch what President Ramaphosa had to say here:
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