South Africa
$100bn needed to save SA economy - Mashatile─── 18:00 Wed, 27 May 2020
The coronavirus pandemic has hit South Africa's economy hard, leaving government scrambling for ways to boost the bottom line.
Despite the fiscal and monetary interventions, the pandemic continues to cause significant damage to the economy.
African National Congress (ANC) treasurer-general Paul Mashatile says extraordinary measures will be needed to save the country’s ailing economy.
“Government is already in discussion with international players such as the IMF, the World Bank, the New Development Bank and the African Development Bank to raise in excess 27-billion US dollars as part of our immediate health response to Covid-19.”
Speaking on Wednesday on the party's priorities for economic recovery during and after the pandemic, Mashatile estimated that billions of rands will have to be injected into the economy if it is to recover.
“We estimate that South Africa will require more than 100-billion US dollars for it to succeed.”
He added that government will need to look into more investments, as well as boosting local tourism and manufacturing.
"This is one of our major areas of contribution to our economy."
