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South African President says economic strategy will be ready soon

PRENSA LATINA / 01 OCTOBER 2019 - 11.47 / STAFF REPORTER

Pretoria, Oct 1 (Prensa Latina) South African President Cyril Ramaphosa announced Tuesday that a strategy for the country's economic growth will soon be ready, including the establishment of an Infrastructure Fund to revive investments in the sector.

In his first weekly newsletter entitled 'From the Desk,of the President' Ramaphosa announced that he will maintain this information to address issues of interest to the population and the steps the government is taking to address the nation's problems.

Several parts of that strategy are ready and include how to strengthen the reform agenda, revitalize the industrial sector, as well as reduce and improve the cost of doing business in South Africa. In his first newsletter, the President outline the strategy will envision: allowing for the drafting of a Mining Charter that has been broadly welcomed by the industry and finalized policy on the allocation of valuable broadband spectrum, as well as changes to be made to visa policies. It also includes redirecting funds to stimulate economic activity in areas where the majority of South Africans live, including finance to support black commercial farmers, the revitalisation of industrial parks in townships and the establishment of a Township Economy Fund. Ramaphosa explained that these plans arise from the discussion of a document prepared by the National Treasury and that progress is being made in the restructuring of state companies with a view to a better performance that meets the needs of the country and said that in the case of the energy company Eskom the government is on track to complete 'a sustainable path of recovery. The President clarified that this work takes place at a time when state finances are under great stress and there is little room for spending and borrowing, which means that 'we have to spend our resources smarter, end waste and divert more resources to infrastructure investments.

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LINK : https://www.plenglish.com/index.php?o=rn&id=47491&SEO=south-african-president-says-economic-strategy-will-be-ready-soon

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