INFRASTRUCTURE FUND
President Cyril Ramaphosa’s plan to kick-start economy unfolds
Ramaphosa’s office says the stimulus package will reprioritise government spending, within the existing fiscal framework
A large government infrastructure fund that can draw in investment and expertise from the private sector is at the centre of President Cyril Ramaphosa’s fiscal stimulus proposal, he told a high-level meeting of CEOs and labour leaders at the Union Buildings on Friday. Ramaphosa’s proposal has been in the making since it was first mooted by the ANC at the end of July, but last week rapidly began to take form, with Ramaphosa holding high-level meetings on the proposal with officials from the Treasury, the department of monitoring & evaluation and stakeholders. Ramaphosa, who has vowed to revive the economy and clean up corruption, told the meeting he hoped to emulate the infrastructure fund of Indian Prime Minister Narendra Modi, who has mobilised billions from Indian banks to fund highways, airports and power plants.
Ramaphosa first mooted a stimulus package in July, before shock second-quarter GDP data indicated that the economy is in recession, shattering his stated target of...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
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.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.