South Africa proposed a stimulus package that will include a set of economic reforms including mining, telecommunications, tourism and transport says the Presidency.
According to Bloomberg.com the economic stimulus package taken by the South African leaders is aimed at boosting economic activity and confidence in sectors affected by regulatory uncertainty.
“The stimulus package will re-prioritise government spending, within the existing fiscal framework, towards activities that will stimulate economic stability” Cyril Ramaphosa’s office said in an emailed statement.
The Presidency gave highlights of the measures to be taken. The measures will soon be made known to businesses and labour leaders, the measures were discussed during the meeting held in Pretoria on September the 14th.
South African finance minister, Nhlanhla Nene told Mail and Guardian that the country needs a stimulus package of about R48 billion as proposed by the African National Congress (ANC) to create jobs and increase investments.