Financial fallout of COVID-19 will be severe on Africa: Ramaphosa


President Cyril Ramaphosa, in his capacity as Chairperson of the African Union, has told the virtual high-level event of the World Bank that the financial fallout of the coronavirus pandemic will be severe for both South Africa and the rest of the African continent. Ramaphosa was speaking in a pre-recorded address.

He said Africa was continuing to call for comprehensive global stimulus to assist countries, especially less developed nations, cope with the economic effects of the pandemic.

The President said the continent was encouraged by global moves to review the debt obligations of developing nations; especially those in Africa.

“In our respective countries, it is only through solidarity that we will be best able to seize the opportunity presented by this pandemic to bring greater economic security to the people of Africa, to revitalise the continent’s economies and to deliver equal opportunity for all so that no one is left behind.”

Earlier, President Ramaphosa outlined his administration’s economic recovery plan to a joint sitting of Parliament. He said South Africa would embark on massive public works and job-creation drive in response to the coronavirus crisis.

Ramaphosa said his plan could unlock more than R1 trillion in investment over the next four years and create more than 800 000 jobs.

The President said the R350 COVID-19 grant would continue for another three months. R100 billion has been set aside over the next three years for job-creation.

The President’s speech comes two weeks before Finance Minister Tito Mboweni will layout spending plans in his mid-term budget.

South Africa to embark on massive rollout of infrastructure to revive the ailing economy:

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Source: sabcnews