OPINION: During the coronavirus pandemic an urgent national pact is due: to offer all South Africans - individuals, small and big businesses - a debt payment holiday, says VictorAfrica Here's my coronavirus panic shopping list for South Africa
Our economy needs heightened activity. Equally logical, to contain Covid-19, a shutdown is inevitable. South Africans, most of whom are already not well paid, if at all economically active, suffer acute anxiety and depression as it is. They do not fear infection or death as much as they dread foreclosure if businesses fail to sustain salaries and wages to maintain aggregate spending.
Our economy can ill afford this implosion. An urgent national pact is due: to offer all South Africans - individuals, small and big businesses - a debt payment holiday. This is not debt or bill cancellation - just a deferment for about three to six months. Knowing that they can work from home and, if they are employed, continue getting their salaries, while their employers are assured of being able to continue paying them without pressure from creditors will help us join hands and curb the spread of the virus - until a cure or vaccine comes. Show me an entrepreneur who is opposed to these suggestions!
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