At a meeting with the heads of various financial institutions, the President Cyril Ramaphosa on Tuesday called for extraordinary action to jump-start the economy.
Topping the agenda was the burning issue of unemployment. The meeting was held at Tuynhuys.
Ramaphosa said extraordinary action was needed to deal with the country’s economic problems.
He believes that infrastructure plays a formative role in a country’s economic welfare. But, for this to be realised more public investment was needed. The problem is that it’s on the decline. Currently, it makes up just over 10% of total spending.
Added to this was what Ramaphosa called the “hemorrhaging” of critical skills which he said was aggravating the bleak state of public infrastructure.
The president emphasised that development banks and finance institutions, as well as the private sector all, had a critical role in financing investment.
Ramaphosa also bemoaned how the fiscal space was further constrained by the vast contributions given to rescue state-owned enterprises such as Eskom and South African Airways.
More Stories
Goverment Plans New City Development Near Vaal River
Kyrgios Win Streak Ended By Hurkacz in Canada
KZN Premier Dube-Ncube Reshuffles Cabinet
Ace Magashule’s Appeal Dismissed by the Constitutional Court
Delays in Zandile Gumede Corruption Case Enrages Judge
Ramaphosa Should Apologise Says Widows of Miners in Marikana
Zikalala Reinstated to the Executive in the KZN Legislature
The 3 Biggest Problems With Remote Work – What The Research Says
Are Old School Methods Of Saving Holding South Africans Back?
Affected Families Of Marikana Massacre To Get Update On Compensation
Suspects Arrested In Krugersdorp Due Back In Court
Western Cape DA Calls On Ramaphosa To Fire Cele