Economic support package to be equal to damage done by Covid-19
President Cyril Ramaphosa addresses the nation on additional economic and social relief measures that form part of the national response to the Covid-19 pandemic. Picture: GCIS
Wage support of R60bn to firms and employees through the UIF was put in place two weeks ago and had paid out R1.6bn at the end of Tuesday, assisting over 37,000 companies and 600,000 workers.The size of the package would be 10% of GDP, said Ramaphosa, equal to the damage expected to be done to the economy by the epidemic. SA’s GDP is projected to shrink by between 6% and 10% over 2020, according to projections, based on a five-week lockdown.
About R130bn will be found within the current budget through a reprioritisation of funds. The rest of the funds will be raised from both local sources, such as the UIF, and from global partners and international finance institutions. This funding will be used, in the first instance, to fund the health response to coronavirus, which will involve additional expenditure on personal protective equipment for health workers, community screening, an increase in testing capacity, additional beds in field hospitals, ventilators, medicine and staffing.
President Cyril Ramaphosa announced that the government will make an additional R500bn available to assist in the fight against Covid-19.
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