South Africa’s Treasury to present coronavirus budget on June 24

South Africa’s National Treasury says it will table a new budget on June 24 to ratify plans for a 500 billion rand ($27 billion) stimulus package aimed at easing the economic impact of the coronavirus outbreak.

National Treasury, Republic of South Africa.

Source : CNBC.

The statements explain that,“A revised fiscal framework will also be presented, to account for substantial revenue losses emanating from the economic shock of the pandemic and subsequent lockdown.”

President Cyril Ramaphosa mentioned the rescue package in late April. It equates to 10% of GDP and includes higher welfare and unemployment grants as well as support for businesses.