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Ramaphosa to announce details of economic recovery plan after Cabinet approval

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The Presidency announced on Tuesday that Nedlac had agreed to the plan for economic recovery at a meeting chaired by the president.

FILE: President Cyril Ramaphosa. Picture: GCIS

JOHANNESBURG – The Presidency said that Cyril Ramaphosa would announce the details of an action plan agreed to by the National Economic Development and Labour Council (Nedlac) once it had been finalised by Cabinet.

It announced on Tuesday that the Nedlac had agreed to the plan for economic recovery at a meeting chaired by the president.

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The Presidency said that the plan was now due for consideration and finalisation by Cabinet.

It said that the plan was directed towards building confidence and placing South Africa on a path of investment and growth.

The country has seen a major decline in growth due to COVID-19, with a second quarter contraction of 16.4% compared to the quarter before.

This comes with unemployment at over 30%.

However, the social partners involved in the meeting said that the new action plan was founded on what needed to be done to set the economy on an accelerated, inclusive and transformative growth trajectory.

The president said that it was a collaboration that had produced “a significant milestone in the history of the country’s democracy and rises to the challenge of the moment”.

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