DUMA GQUBULE: What has happened to Ramaphosa’s stimulus package?
Over the past few weeks many South Africans have been trying to figure out what has happened to President Cyril Ramaphosa’s R500bn stimulus package. There is a view that there was a R500bn fund somewhere under the government’s control that has disappeared after only four months. The only people who seem to have benefited from this fund are ANC comrades, including children who belong to the “glorious movement’s” royal families.
On April 21, Ramaphosa announced the R500bn stimulus package, which was allegedly worth 10% of GDP. There were two components to the package. The “above-the-line” expenditure of R260bn, worth 5.1% of GDP, would go through the national budget. This comprised: R100bn that would be spent on job creation and the development of small and medium enterprises (SMEs); R70bn for tax relief; R50bn in increased social welfare grants to households; R20bn to be spent be on public health measures; and R20bn for municipalities...
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