Ramaphosa Announces R500-Billion In Covid-19 Relief Funding
President Cyril Ramaphosa has announced a social and economic stimulus package of R500 billion which amounts to about 10% of the South African GDP
The social and economic relief funding will help drive the recovery and transformation of our economy as we prepare to exit the effects of the pandemic and gradually open up the economy, which will ignite growth in our economy.
The Covid-19 pandemic has undeniably resulted in the loss of Income and has contributed immensely to the poverty and hunger of many South Africans.
Ramaphosa stated that the lockdown has had a devastating impact and effect on our economy but it is better, than allowing the virus to spread and leave the people of our country exposed and vulnerable to the deadly virus.
The pandemic requires an economic response that is as effective as the broad range of measures put into place to mitigate the impact on businesses, individuals and municipalities. the fund will focus on issues such as wage support, tax relief, protect jobs and support to small businesses
The Department of Social Department will through the new technologies put into place, release to the public, the requirements needed to access funding through the , the department has also partnered with the solidarity fund to facilitate the safe and successful distribution of 250 000 food parcels across the country. The president made note that the unscrupulous news of officials who are in misconduct of the distribution of food parcels will not be taken lightly and those responsible will be met by the might of the law.
Food and shelter for the homeless will also be accounted for within the relief fund that was announced by the president this evening as the pandemic has affected the homeless and those of vulnerable living conditions.
The department of health has released statistics that outline the increase in infections, recoveries and deaths. The president encourages and pleads with all South Africans to continue adhering to the lockdown rules set out in attempt to fight the spread of the virus.
This is a developing story…
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