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Business welcomes Ramaphosa's R500 billion COVID-19 economic stimulus package

22 April 2020 8:24 AM
Tags:
Cyril Ramaphosa
stimulus package
Coronavirus
Covid 19

Pundits say that the president showed tremendous leadership in his announcement given the country's constrained fiscal position.

President Cyril Ramaphosa on Tuesday announced that government will direct R50 billion to deal with the economic impact of COVID-19, amounting to 10% of the country's GDP.

He said the package will go towards a loan scheme with major banks, social grants, jobs, tax relief, municipalities, food parcels and supporting frontline workers.

RELATED: President Cyril Ramaphosa addresses SA on lockdown, Covid-19 relief

Bongani Bingwa chats to Institute for Economic Justice co-director Neil Coleman and Business Unity South Africa chief executive officer Cas Coovadia to weigh in on Ramaphosa's stimulus package.

The president's announcement is very encouraging news, this is a much larger response by government and we need to congratulate the president on this. The question will be whether the right amount of money will be spent on the right places and whether the measures will be implemented in the most effective way.

Neil Coleman, Co-director - Institute for Economic Justice

Coovadia says the president has shown decisive leadership given the country's constrained fiscal position.

This is the right thing to do under the circumstances.

Cas Coovadia, CEO - Business Unity South Africa

Listen below to the full conversation:


22 April 2020 8:24 AM
Tags:
Cyril Ramaphosa
stimulus package
Coronavirus
Covid 19

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