Thursday, 22 October 2020
Cape Town: It is all hands on deck as Cabinet approves the setting up of the National Economic Recovery Council that will ensure the implementation of the Economic Reconstruction and Recovery Plan.
“The council will be chaired by the President and comprises the Deputy President, Minister in The Presidency and all the Ministers in the Economic Cluster.
“The council will meet monthly to oversee implementation of the Economic Reconstruction and Recovery Plan and also to interface with the social partners in the National Economic Development and Labour Council,” said Minister in the Presidency Jackson Mthembu during a post Cabinet briefing on Thursday.
President Cyril Ramaphosa presented the Economic Reconstruction and Recovery Plan to a joint hybrid sitting of Parliament a week ago. The plan requires all sectors to roll up their sleeves and work together to stabilise the economy.
The plan builds on the common ground established by the social partners – government, labour, business and community organisations – through intensive and detailed consultations over the last few months.
There are four priority areas that underpin this economic recovery plan, the first being a massive roll-out of infrastructure; the second priority area is to expand energy generation capacity with government accelerating the implementation of the Integrated Resource Plan; the third key area is that of an employment stimulus to create jobs and support livelihoods and the fourth area focuses on industrial growth where government will support growth in local production and make South African exports more competitive.
The identified priority areas will contribute towards building confidence and placing South Africa on a new path for investment and economic growth following the devastation caused by the COVID-19 pandemic.