Ramaphosa will announce plan to pull SA out of 'deep, serious crisis'

Ramaphosa will announce plan to pull SA out of 'deep, serious crisis'

President Cyril Ramaphosa is set to give South Africa details of his plan to haul the nation out of grim economic times by stimulating growth. This comes after Ramaphosa dubbed the unemployment issue a 'deep and serious crisis'.

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Minister in the Presidency Jackson Mthembu has revealed that President Cyril Ramaphosa will soon be giving SA a glimpse of his plans for the country's economy.

Briefly.co.za reported earlier that Ramaphosa had deemed the nation's 29% unemployment rate was a 'serious crisis', in response to growing calls for him to relieve the issue.

Mthembu has since rejected rumours that the state has no option but to seek a financial bailout from the International Monetary Fund, with the economy dipping by 3.2% in the first quarter of this year.

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READ ALSO: Ramaphosa on unemployment: We are in deep and serious crisis

Ramaphosa's game plan, according to his minister, would rescue South Africa from having to dip into the IMF's coffers:

"The government will, in the foreseeable future, take the country into its confidence on how we intend on growing the economy, responding to, among others, what the statistician general has said about the levels of unemployment."

Mthembu says that Cabinet is putting the finishing touches on the plan, with an eye towards economic growth and economic sectors that could breathe life into the GDP, reports The Sowetan.

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Source: Briefly.co.za

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