President Cyril Ramaphosa has won praise for his response to the coronavirus outbreak. Now, he’s risking a public backlash after members of his cabinet reversed some of his measures and made racially charged statements.
Browsing: Tito Mboweni
Finance minister Tito Mboweni said the South African economy could contract as much as 6.4% this year due to the coronavirus outbreak and the budget deficit could swell to more than 10% of GDP.
Finance minister Tito Mboweni has provided more details on the second set of measures that are aimed at assisting individuals and businesses through the Covid-19 pandemic.
Government plans to spend R500-billion shoring up an economy devastated by the fallout from the coronavirus pandemic and supporting those who’ve been worst affected.
South Africa is entitled to as much as R80-billion in emergency funding from the International Monetary Fund should it request financial support to fight the coronavirus, and it could do so with few strings attached.
South African Airways plans to lay off its entire 4 700-strong workforce after failing to persuade the government to provide more financial help.
South African Airways has been denied any further funding by government as the national carrier looks for ways to recover from the coronavirus crisis and business rescue.
Faced with the biggest challenge of any post-apartheid South African leader, President Cyril Ramaphosa has also been given a rare opportunity to push through the painful reforms the economy needs.
South Africa may approach the International Monetary Fund for the first time ever to help with funding to deal with the fallout from the coronavirus outbreak, the Sunday Times reported, citing finance minister Tito Mboweni.
Moody’s cut South Africa’s credit rating below investment grade, delivering the country a full house of junk assessments as it grapples with a nationwide lockdown.