President Ramaphosa puts emphasis on measures to stimulate economy - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

President Ramaphosa puts emphasis on measures to stimulate economy

2/14/2020

President Ramaphosa puts emphasis on measures to stimulate economy

As expected, President Cyril Ramaphosa's State of the Nation Address put emphasis on measures to stimulate economic growth.

The State of the Nation Address comes against the backdrop of rolling power outages. In addition, the latest figures by Statistics SA indicate that the unemployment rate remains unchanged at 29.1%. The President was frank about the Eskom problems, that load shedding remains a possibility for the immediate future. He, however, says it must be done cautiously. “Where load shedding is unavoidable it must be undertaken in a manner that is predictable and minimises disruption and the cost to firms and households.” He’s also laid out measures to meet electricity demand. “We will also put in place measures to enable municipalities in good financial standing to procure their own power from independent power producers.” Turning to the country’s finances, the President says they must be fixed. He says the government is talking with workers and other stakeholders on measures to contain the public wage bill and reduce wastage. However, a detailed strategy will be announced by Finance Minister Tito Mboweni when he delivers the budget. “Low levels of growth mean that we are not generating enough revenue to meet our expenses, our debt is heading towards unstable levels and spending is misdirected towards consumption and debt servicing rather than infrastructure and productive activity. We cannot continue along this path nor can we afford to stand still.” Read more: SABC News Online

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