ANALYSIS: IMF, World Bank and others to fund Ramaphosa’s R500bn bailout
The catch is that the emergency funding must get directly to companies and the hungry as rapidly, and corruption free, as possible
Finally, after a plethora of headlines about SA’s economic implosion, President Cyril Ramaphosa has unveiled an unprecedented R500bn “social relief and economic support package” – equal to 10% of the country’s GDP. About R200bn of this package is in the form of loan guarantees to banks, R100bn is to “protect and create jobs”, and R50bn will be used to boost welfare grants.
Peter Attard Montalto, head of capital markets research at Intellidex, describes the package as “clearly a bazooka”. But he warns that there are significant details still missing, and “questions over how implementable large parts of it are”...