The economy waits with bated breath as President Cyril Ramaphosa's meetings on the Covid-19 pandemic continue. He will only address South Africa tomorrow. Economists are hoping he will 'think out of the box'.
Minister in the Presidency Jackson Mthembu said that Ramaphosa was still in meetings about the Covid-19 pandemic on Sunday evening, and would not address the country as initially planned.“It is in the interest of South Africans that Ramaphosa address the nation after he is properly advised ... it would be unfair for him to address the nation at midnight, when most people would be asleep,” said Mthembu.
The National Treasury is yet to announce whether the government would help affected businesses and households. South Africa’s Treasury is severely constrained. Finance Minister Tito Mboweni last month proposed sweeping spending cuts to trim a fiscal deficit projected to widen to an almost three-decade high. Bailouts to rescue collapsing state companies has seen debt surge and put the nation’s last investment-grade rating in jeopardy.“The budget has been fundamentally undermined,” said Martin Kingston, vice chairperson of Business Unity South Africa, the biggest corporate lobby group.
We expect some fiscal action, but not enough to guarantee a big rebound in the second half of the year. For now, the banks are not even able to meet as they are prohibited from doing so by competition laws, according to Cas Coovadia, managing director of the Banking Association of South Africa.I don’t think we are thinking out the box.“There has been progress. The notice has been drafted and the minister spoke to me. I am hoping that by Monday we get the notice and we can get going.”
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