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President Ramaphosa announces South Africa’s biggest spending plan ever to fight coronavirus

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South Africa has unleashed its biggest once-off stimulus injection into the struggling economy in response to the Covid-19 pandemic that has led to a lockdown of the country for the past 25 days.

President Cyril Ramaphosa’s plan to inject R500 billion into a social and economic support package is the country’s biggest one-time fiscal outlay and is almost ten times the amount spent in preparation for hosting the Soccer World Cup ten years ago.

“The impact of the coronavirus requires an extraordinary coronavirus budget – of around R500 billion – to direct resources towards fighting the pandemic,” he told the nation in a televised address on Tuesday.
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