SA should aim to reprioritise its budget to offset the cost of relief measures for businesses and individuals affected by deadly riots and accelerate reforms to foster inclusive economic growth, according to the IMF’s resident representative for the country.
The cabinet was on Sunday discussing a relief package that is likely to include a basic income grant for the unemployed. The economy contracted the most in a century in 2020 and lost 1.4-million jobs as restrictions to curb the spread of the coronavirus weighed on output and forced some businesses to cut wages, reduce staff or close permanently.
In our current circumstances this makes perfect sense. In essence this means reviewing expenditure and reallocate funds to more pressing needs and productive uses. This avoids a situation where we borrow more money to reboot. Once the economy rebounds, Debt-GDP ratio stabilises
The SA Government is going to take this IMF advice and implement it, you will see. These relief funds are just a tool to control poorly led States.
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