Mboweni: Economy shake-up will put locals first who play by the rules

Mboweni: Economy shake-up will put locals first who play by the rules

- Finance Minister Tito Mboweni has said things will change after the lockdown

- He said that if businesses want funding they need to be properly registered

- Mboweni also said that the National Treasury is in talks with the BRICS bank, International Monetary Fund and the World Bank

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Finance Minister Tito Mboweni has let South Africa know that it will no longer be business as usual. He said that businesses need to conform to the country's labour laws if they wish to receive funding support.

He said that a new economy will be born after the lockdown ends.

Briefly.co.za learned that the government has earmarked R500 billion to help small businesses and vulnerable people who have been impacted by Covid-19. If businesses want to receive the funding they will need to put South African citizens first and be properly registered.

“The government will have to put in place labour market policies which are supportive of the increase in employment of South African youth without discriminating against non- South Africans.”

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Mboweni has confirmed that the National Treasury is having discussions with the BRICS bank, the International Monetary Fund (IMF) and the World Bank to source funding to help fight Covid-19.

A further R370 billion is being raised from local and international sources. Some government programmes are being put on hold to re-allocate R130 billion according to SABC.

Mboweni has said that the funding set aside to aide the economy has been increased to R800 billion.

A Covid-19 Social Relief of Distress grant will pay R350 a month for the next 6 months to those who are unemployed and do not receive any social grants or UIF payments.

In other news, Briefly.co.za reported that the Democratic Alliance had called for immediate and tangible responses to the current food crisis in South Africa.

With numerous citizens cut off from potential income sources during the extended national lockdown, the situation is dire for countless South Africans. The DA commented:

"The extension of the lockdown has left many households cash-strapped and uncertain about where the next meal will come from. Food vouchers or additional cash-in=hand could be the difference between a family going hungry or not."

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Source: Briefly.co.za

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