South African President, Cyril Ramaphosa, tonight announced a R500 Billion Coronavirus Package. He will make a further announcement on Thursday.
South Africa ‘s lockdown was previously extended to the end of April.
Ramaphosa said he is now embarking on the second phase, which is an economic package of R500 Billion.
The third phase will be the speedy economic recovery phase which will be outlined in the days to come.
Ramaphosa Said South Africa has had 58 death from Coronavirus. He said out of the 10 000 000 that have been screened, 15 000 have been reffered for proper testing.
Following meetings with various stakeholders, Cabinet has made this decision:
– Extraordinary Health Budget
– Relief of Hunger
– Phased re-opening of the economy
Funding
Funds for this package will come from realocation of budget and contributions from international financial partners.
Details will be announced by the Minister of finance in a supplementary budget.
Surge
Ramaphosa said there is an anticipated Spike in infections after reopening. This will require access to more Healthcare facilities.
Grants
– A temporary Coronavirus grant of 6 moths has been announced.
– A special grant of R350 will be paid to unemployed who don’t receive any uif payments.
Food Distribution
A technology based solution will be implemented within the next few days through vouchers and cash transfers.
Job Creation
R100 Billion Will be set aside to protect jobs and to create jobs.
– R200 Billion Loan Guarantee facility for companies with a turnover less that 300 million per month.
Tax Relief has been announced with defferals now up tp 35%
– Special facilities for tax industry
Staggered Re-opening – To be announced on Thursday
