South Africa leader announces measures to support business during pandemic

South African President Cyril Ramaphosa has announced a US $26 billion economic aid package designed to protect local companies and three million workers during the coronavirus pandemic. This is reported by the Air Force Africa with reference to the President's television address. Ramaphosa said financial aid to copies accounted for 10% of South Africa's total GDP. Funds would first be drawn from the national budget, but he added that emergency funding was also under negotiation with the World Bank and the International Monetary Fund. The head of state added that measures to provide economic assistance include tax incentives, wage support through the fund of insurance in case of loss of work and financing of small enterprises. More than 17 million South Africans who already receive social grants from the government will receive more money during the pandemic, Ramaphosa said. Among them are pensioners, unemployed and those who receive children's benefits. According to him, small businesses will also benefit from the economic support package. In addition, he added, about $1 billion. The US was allocated to eliminate possible hunger. Ramaphosa acknowledged that in just four weeks in quarantine, the number of people plunged into poverty and suffering from food insecurity had soared. He said the quarantine allowed the government to save tens of thousands of lives. But he stressed that with 3,400 confirmed cases of coronavirus infection, 58 of which are fatal, the country is still in the early stages of the pandemic.