A high-level working team in the National Economic Development and Labour Council (NEDLAC) has been set up to finalise an urgent economic recovery programme for South Africa.
The presidency confirmed this in a statement announcing the establishment of the committee.
The NEDLAC Forum for Economic Recovery, chaired by president Ramaphosa, met virtually on 13 August 2020 to “discuss how South Africa can extricate itself from economic difficulties that have been worsened by the impact of the COVID-19 pandemic”.
“NEDLAC constituents agree that the economic crisis is increasing levels of vulnerability including extreme poverty and hunger and that measures are required to stem further declines in GDP, a worsening of the budget deficit and deeper job losses.”
Social partners are also in agreement that the “fight against corruption must be intensified to ensure that wrongdoing does not undermine the economic recovery effort itself”.
The team plans to, over the next three weeks, draw up a set of priority actions for economic reconstruction and the institutional arrangements to support the actions.
The economic recovery action plan will be tabled in cabinet for approval.