Cabinet has announced that it had approved the setting up of a national economic recovery council which will be responsible for the regular monitoring and implementation of the country’s new economic plan.
Minister in the Presidency Jackson Mthembu. Pictire: GCIS.
JOHANNESBURG – Cabinet has announced that it had approved the setting up of a national economic recovery council which will be responsible for the regular monitoring and implementation of the country’s new economic plan.
The economic reconstruction and recovery plan was launched by President Cyril Ramaphosa last week, detailing some of the interventions and new policy directions that the government will take in its effort to revive the dwindling economy and create jobs.
Minister in the Presidency Jackson Mthembu addressed reporters earlier on Thursday on the outcomes of Wednesday’s Cabinet meeting.
It could be just another committee whose work will not materialise as South Africans have come to expect or the national economic recovery council could be the necessary fire under the feet of political heads unwilling to implement policy decisions.
The formation comprises the president and his deputy, all economic cluster ministers and the minister in the presidency.
Cabinet said that the recovery plan would contribute towards building confidence and placing South Africa on a new investment path.
Mthembu explained: “The plan builds on the common ground established by the social partners, government, labour, business and community organisations through intensive consultations over the past few months.”
The plan has four pillars, including the massive rollout of infrastructure, expansion of energy generation capacity, employment stimulus to create jobs and support livelihoods and industrial growth with support aimed at local production and a quest to make South African exports more competitive.