The government will need R43bn to fund, among other things, the stimulus package announced by President Cyril Ramaphosa two weeks ago, aimed at stimulating an economy teetering on the brink of recession. This is according to sources familiar with the discussions around the package at a cabinet lekgotla last week, the outcomes of which are set to inform Finance Minister Nhlanhla Nene’s medium-term budget policy statement in October. No further detail has yet been made available, but the package would be based on "existing budgetary resources and the pursuit of new investments while remaining committed to fiscal prudence", Ramaphosa said at the time of the announcement. The figure discussed at the lekgotla last week was not limited to the stimulus package, but also included funds needed to assist ailing state-owned entities, sources said on Sunday. The amount is lower than previous reports following the lekgotla. On Friday, the Mail & Guardian reported that Nene had told the lekgotla ...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.