South Africa’s President, CYRIL RAMAPHOSA has announced a 26 billion dollars relief package aimed at stimulating the economy during the coronavirus pandemic.

RAMAPHOSA noted that with many people out of work and companies shut down to observe the lock-down, poverty and food insecurity have deepened dramatically in the course of just a few weeks.

He added that a portion of the virus relief funds will be redirected from the current budget and the rest would be sourced from the unemployment insurance fund, global partners and international finance institutions.

RAMAPHOSA says the country is embarking on a phase aimed at stabilizing the economy and addressing the decline in supply and demand.