· South African President Cyril Ramaphosa had a meeting with
business leaders the other day as the government is stepping up its
plans to counter the spread of the coronavirus and insulate the
economy from its sinister impact.
· Among the proposals the business sector had aired included
tax and loan relief for small- and medium-sized enterprises. It has
also called for amendments to the Unemployment Insurance Fund Act to
allow workers who put in shorter hours to claim the shortfall from the
fund.
South African President Cyril Ramaphosa had a meeting with business
leaders the other day as the government is stepping up its plans to
counter the spread of the coronavirus and insulate the economy from
its sinister impact.
However, a section of the people apprehends that the restrictions are
expected to dampen the country’s already dire economic outlook. The
apex bank maintained that the country is likely to contract 0.2% this
year, after slipping into a recession at the end of 2019.
Among the proposals the business sector had aired included tax and
loan relief for small- and medium-sized enterprises. It has also
called for amendments to the Unemployment Insurance Fund Act to allow
workers who put in shorter hours to claim the shortfall from the fund.
Economic Development Minister Ebrahim Patel, after the meeting with
business leaders said that they had contributed excellent ideas and
proposals to the government with regard to mitigating the impact of
the COVID-19 pandemic on the economy. The business associations that
took part in the meeting included Business Unity South Africa (BUSA) ,
Business Leadership South Africa (BLSA), the Banking Association and
large insurance companies. The meeting discussed the broad contours of
the economic package being worked out by the government to pep up the
economy.
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