BREAKING: South Africa release R500 Billion for Covid-19 economic relief

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The President of South Africa Cyril Ramaphosa has released R500 Billion Rands (USD 27m) to rescue the economy that has been hardly hit by the novel Coronavirus.

The President has admitted that the lockdown period has affected citizens of his country in a very hard way.

In a way to rescue the economy and send a sigh of relief to the citizens the president has released 500 billion rands which is about 10% of the country’s GDP.

He added that the money will go into helping citizens who have been affected a lot by the current lockdown.

Those receiving child support will receive an extra R500 per month . Those of disabilities will receive extra R300 and those who haven’t been receiving grants at will receive R340 rands per month for six months.

The President also added that 20 Billion rands will go towards helping municipalities.

100 billion rands has been put aside to help prevent job loss and creating new jobs after the virus.

The President indicated that they will be approaching international Financial institutions to help with getting the needed funds.

Ramaphosa also added that they will soon embark on the first phase of reopening the economy.

To date South Africa has recorded 3465 cases.

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