Mboweni said South Africa’s economy is expected to contract by 7.8 percent this year, but will rebound to 3.3 percent growth next year.
Talks on the possible loan have reportedly stalled after the World Bank imposed conditions on the wage bill and SOE bailouts.
COSATU also welcomed the three-month extension of the social relief of distress (SRD) grant, but said the government must extend it further.
Finance Minister Tito Mboweni appeared to concede that a portion of the IMF loan could end up paying government salaries.
President Cyril Ramaphosa has provided more details on his Presidential Employment Stimulus, which he said is not just for unskilled work.
The government has published a series of documents giving more details to Ramaphosa’s speech, including the exact figures and broad timeframes.
Here is a summary of President Cyril Ramaphosa’s ambitious economic reconstruction and recovery plan for South Africa.
The Council reportedly said such a grant would cost R243 billion per annum and would therefore necessitate tax increases to fund it.
The Council has submitted a 100-page document to President Cyril Ramaphosa as part of his efforts to come up with an economic recovery plan.
President Cyril Ramaphosa has outlined the ANC’s economic recovery plan for South Africa following an ANC NEC Lekgotla.