The government will reprioritise about R50bn within its existing budget to reignite economic growth and create jobs, President Cyril Ramaphosa said on Friday. The stimulus package is seen as critical ahead of the 2019 national elections, as the plan moves him away from the economic objectives of his predecessor, which was tabled in the 2018-19 budget address by former finance minister Malusi Gigaba. The plan is doubly significant for Ramaphosa and the ANC after the shock second-quarter GDP data that showed that SA had entered a technical recession. The party has admitted that entering elections in recession would be damaging to its campaign, particularly in the country’s economic hub Gauteng. Presenting the government’s much-anticipated grand plan to kick-start SA’s stalling economy, Ramaphosa also announced the establishment of an infrastructure fund that is a core part of the package. He said R400bn will be leveraged from various development finance institutions, pension funds and...
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