President Cyril Ramaphosa will address the nation this evening where it is expected he will announce the much anticipated COVID-19 rescue package for the economy and households.
The president’s office said in a statement, Ramaphosa’s address will be centred on additional economic and social relief measures that form part of the national response to the COVID-19 pandemic.
“The President’s address flows from recent deliberations at Cabinet, the National Coronavirus Command Council, the President’s Coordinating Council, and the National Economic Development and Labour Council, among others,” said Ramaphosa’s spokesperson, Khusela Diko.
The deal to provide a stimulus package to the economy and embattled South Africans has been thrashed out for the past few weeks with the government having received numerous submissions from economists and civil society formations.
One of the announcements expected to be made by the president is the temporary increase in social grants.
Finance Minister Tito Mboweni said last week that government might increase social grants to cushion the poor during the lockdown and that a decision on the social grants and other measures to boost the economy will be announced this week.
The outlook for South Africa’s economy has worsened since Mboweni tabled the February budget.
The South African Reserve Bank said last week, it expects the economy to contract by a mammoth 6.1% this year – an eventuality that will see thousands of jobs lost.
