Cyril Ramaphosa. REUTERS
Cyril Ramaphosa. REUTERS

Cabinet has adopted the stimulus package intended to ignite an economic recovery.

President Cyril Ramaphosa will hold a media briefing on Friday to provide details of the stimulus package, which has been constructed from the contributions of various departments. Ramaphosa will provide details of the mining charter adopted by cabinet.

Cabinet’s adoption of the stimulus package and its other decisions was announced on Thursday by communications minister Nomvula Mokonyane at a post-cabinet media briefing.

The government will need R43bn to fund, among other things, the stimulus package, according to sources familiar with discussions around the package at a recent cabinet lekgotla.

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 original announcement.

Cabinet has also approved the mining charter as part of this package, which covers manufacturing, tourism, infrastructure development and easing the cost of doing business.

It has also approved the approach adopted by mineral resources minister Gwede Mantashe to withdraw the Mineral and Petroleum Resources Development Amendment Bill, which has been caught up for months in a prolonged parliamentary process.