The government’s response to the country’s largest depression in a century is totally inadequate. The time has come for the Reserve Bank and the Treasury to develop a R1-trillion stimulus package to stabilise the economy and finance a recovery.
Since the beginning of 2020, the Bank has cut interest rates by 275 basis points. During the emergency budget last month, the Treasury announced a R36bn increase in non-interest expenditure to counter the devastating impact of the lockdown. In other words, the R500bn stimulus package that President Cyril Ramaphosa announced on April 21 does not exist...A subscription gives you full digital access to all Sunday Times content.
Source: News Formal (newsformal.com)
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