PRETORIA-- The South African cabinet has adopted an economic stimulus package to spark economic activity and boost the country's growth.
President Cyril Ramaphosa outlined to South Africa's business and labour leaders the economic stimulus package during a consultative meeting here last Friday ahead of the upcoming Jobs Summit and Investment Conference.
The meeting was also attended by Deputy President David Mabuza, Ministers in the Cabinet's economic cluster, leaders of business groups, chief executives and leaders of the country's major labour federations.
The President presented highlights of the stimulus package which will look at economic recovery, investment and job creation.
President Ramaphosa indicated that the stimulus package will reprioritise government spending, within the existing fiscal framework, towards activities that will stimulate economic activity," says Presidential Spokesperson Khusela Diko.
The package will include a defined set of economic reforms covering issues such as mining, telecommunications, tourism and transport.
Diko disclosed Monday that the meeting agreed that South Africa's economic recovery demanded urgent implementation of the stimulus package and the promised growth-enhancing reforms.
The meeting also discussed proposals to establish an infrastructure development initiative that draws on private sector funding and delivery expertise," she added.
The President welcomed the offer extended by business for the secondment of private sector professionals to government to improve implementation.
Business and labour welcomed the measures being proposed to stimulate the economy, alleviate pressure on the poor and create and preserve jobs."
During the meeting, social partners urged the government to accelerate finalisation of the Mining Charter, spectrum policy and other instances of regulation that hold the potential to make the economy more efficient, agile and competitive.
Diko said participants called on the nation to focus attention on the progress the country was making across many sectors and to become active in sustaining positivity.
Measures undertaken since the president's State of the Nation Address in February to promote investment, stabilize state-owned enterprises, tackle corruption and strengthen public institutions were welcomed by business and labour.
President Ramaphosa appealed to business to work with labour and government to prevent job losses. The social partners have agreed to meet more regularly to strengthen economic collaboration and take shared responsibility for accelerating the country's growth trajectory, said Diko.
Source: NAM NEWS NETWORK