South Africa: President Ramaphosa Unveils $26 Billion Stimulus Package

South African President Cyril Ramaphosa unveiled a much-awaited 500 billion rand (26.33 billion dollars) recovery plan on Tuesday 21 April, equivalent to 10% of the Southern African giant’s GDP. Among the measures selected, 200 billion rand (10.58 billion dollars) will be allocated to loan guarantees, thus providing valuable support to companies in difficulty, many of which are particularly active in the mining and agro-industrial sectors. However, it is not clear whether this will be enough. A recent survey by the National Institute of Statistics (StatsSA) reveals that 42.2 per cent of medium and large companies surveyed doubt that they « have the necessary resources to continue operating for the duration of the Covid-19 pandemic ».