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Ramaphsoa gave few details on how the R500 billion would be offset on Tuesday.
He said the R500 billion would include prioritization of around R130 billion within the current budget, and R200 billion in a loan guarantee scheme in association with major banks.
In addition to some tax relief, the president said the rest of the funds will be raised “from local sources, such as the Unemployment Insurance Fund, and from global partners and international financial institutions.”
On Thursday, in his second major speech to the nation in a week, Ramaphsoa gave a comprehensive summary of how SA would work to reopen the economy, saying the country would institute a five-tier coronavirus response system that would govern social interaction. . and the economy.
SA is currently and level 5, and would move to level 4 on May 1.
As it has become the norm, ministers will provide the details of how Ramaphosa’s announcements will be implemented.
An inter-ministerial meeting was scheduled for Friday morning to flesh out Ramaphosa’s announcement, but it was postponed. It now appears that the ministers will speak about their areas in a series of media engagements in the coming days.
Finance Minister Tito Mboweni and officials from the National Treasury will be the first to speak at 2 p.m. Friday.
