Road to economic recovery ‘steep and extremely challenging’: Ramaphosa

SA’s path to economic recovery after the devastation of the Covid-19 pandemic is “steep and will be extremely challenging”, President Cyril Ramaphosa said on Monday. 

However, with the 2021/22 budget presented by finance minister Enoch Godongwana and co-operation from all stakeholders, the country will succeed, he wrote in his Monday weekly newsletter.  

“As the pandemic has battered the economy, so it has further worsened the country’s financial position. At the height of the pandemic, less revenue was collected and more money had to be spent on strengthening our health response and providing social support. As a result, the country had to borrow more and do so at a greater cost,” he said.  

Godongwana said SA's debt burden was a serious concern, as it mounted to more than R5-trillion in the medium term.

By Nonkululeko Njilo.

Full story at Times Live.