Economic recovery plan could be finalised in 3 weeks – Ramaphosa
President Cyril Ramaphosa has moved to assure concerned South Africans that an economic recovery plan is in the pipeline.
This comes after the country's economy contracted by 51% in the second quarter due to the impact of the coronavirus lockdown.
But Ramaphosa says a plan will likely be finalised in the coming weeks.
“The timeline is soonest. We’re really talking about weeks, maybe two to three weeks, but we need to have finalised this and I’ve said this to the social partners who wanted a little bit of an extension that we now need to move forward so that we are able to put the plan to the nation," Ramaphosa told the South African National Editors Forum on Wednesday.
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The recovery plan is likely to focus on ways to address the growing job losses.
“Government has to a large extent run out of money and we are going to have to cobble money together but fortunately some aspects of this recovery plan will be funded through a variety of mechanisms. The private sector will play a key role, government will play a key role and we will all need, as I said earlier, to put shoulder to wheel to make sure that this recovery plan works," Ramaphosa explained.
“In the end it is going to be our plan so all of us will have a role to play.”
Under level 2 of the lockdown, much of the economy has been opened up but experts have urged government to further ramp up its economic efforts.
Ramaphosa is expected to address the nation again next week.
