https://www.engineeringnews.co.za

Cabinet defers decision on economic crisis plan

Finance Minister Tito Mboweni

Finance Minister Tito Mboweni

Photo by Bloomberg

16th April 2020

By: News24Wire

  

Font size: - +

Cabinet has heard proposals from five ministerial clusters for a socio-economic rescue plan to steer South Africa through the economic fallout from the Covid-19 crisis but will meet again next week before taking any decisions, it said in a statement on Thursday.

"The presentations were a culmination of the work done by all the Cabinet clusters, focusing on the country’s economic recovery as a consequence of the Covid-19 pandemic and the recent downgrading of South Africa by rating agencies Moody’s and Fitch respectively," according to the statement.

It follows a virtual meeting of Cabinet on Wednesday.

"Cabinet resolved that further discussions and consultations are still required before the final consolidated plan is approved to be shared with the nation."

Finance Minister Tito Mboweni said earlier this week the National Treasury had prepared a comprehensive set of proposals to table before Cabinet to respond to the deep recession the country faces as the health crisis unfolds.

All ministers have now been asked to combine their proposals into a single document, setting out key priorities, before Cabinet holds an extraordinary meeting on Monday.

Public Enterprises Minister Pravin Gordhan has been asked to submit an update on the business rescue plan for stricken national carrier South African Airways (SAA) and the statement suggested its fate may be decided along with the economic recovery plan.

"All the Cabinet clusters have been asked to work together to produce one consolidated document on key priorities of the country’s economic recovery plan, to be completed before the next Cabinet meeting scheduled to take place on Monday, 20 April 2020."

The South African Reserve Bank expects the economy to contract by 6.1% in 2020 and has cautioned that unemployment, which stood at a record 29.1% before the coronavirus pandemic began, would increase sharply.

Edited by News24Wire

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Airshrink - CiP
Airshrink - CiP

At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 1.308s - 124pq - 2rq
Subscribe Now