PHASE 2 COVID-19 STIMULUS PLAN UNPACKED
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President Cyril Ramaphosa has announced a set of new measures aimed at saving the economy and countering growing hunger and distress across the country amid the corona-virus outbreak. He announced a massive R500 billion economic and social relief package to mitigate the impact of the pandemic. This amounts to around 10% of GDP. This is the second phase of government’s stimulus plan. Below is some useful information compiled by Momentum Investments Economist Sanisha Packirisamy. WHAT
In a televised address on Tuesday night, President Cyril Ramaphosa said a R500 billion plan, which translates to roughly 10% of GDP, encompasses an “extraordinary” health budget, the relief of hunger and social distress in the form of grants; support for companies and workers, especially spaza shop owners and small businesses; and tax relief for distressed firms. The main interventions are: R20 billion directly for fighting the pandemic. This includes spending on protective equipment for
