A proposed South African stimulus package will include a set of economic reforms covering mining, telecommunications, tourism and transport industries, the presidency said.
The economic stimulus package adopted by the nation’s cabinet is aimed at boosting economic activity and confidence in sectors affected by regulatory uncertainty, president Cyril Ramaphosa’s office said Sunday in an emailed statement.
“The stimulus package will re-prioritize government spending, within the existing fiscal framework, toward activities that will stimulate economic activity,” according to the statement.
Ramaphosa presented highlights of the measures that will soon be made public to business and labor leaders during a consultative meeting in the capital, Pretoria, on Sept. 14, his office said.
South Africa would need about R48 billion ($3.2 billion) for a stimulus package proposed by the ruling African National Congress to boost output, increase investment, create jobs and support small businesses, the Mail & Guardian reported last month, Finance Minister Nhlanhla Nene.