South Africa tackles recessions ahead next year election
South African President Cyril Ramaphosa has announced a stimulus package of 400bn rand ($28.1 bn; £21.3bn) infrastructure fund to help pull the country out of recession.
The package is aimed at stabilising the economy ahead next year general election in the country.
The BBC reports that a 400bn rand ($28.1 bn; £21.3bn) infrastructure fund has been set up as “over the years South Africa’s infrastructure has been tapering down”, he said in the capital, Pretoria, where he unveiled the Economic Stimulus and Recovery Plan.
Boosting tourism was also a key objective and there would be an “immediate change to the visa regime” – to remove obstacles and make it easier for highly skilled foreigners to enter the country.
The country’s mining charter would be reviewed to “provide certainty to investors”, he said.
Agriculture would also get a boost to help revive the drought-stricken sector with an injection of $3.5bn.
Plans to help the telecommunications sector lower data costs were also revealed to “increase overall competitiveness in South Africa’s economy”.
The 65-year-old, who became president earlier this year, added:
We are certain that these interventions will help in putting the economy on a far firmer footing.
We have within us to form a new path of growth and new path of trajectory.
This will have a decisive role in reversing the current technical recession.”
The rand has strengthened against the dollar and other major currencies following the announcement. (DAN with BBC)