National Treasury director general Dondo Mogajane stressed in the Finance Ministry update that the country will not be borrowing money. Courtesy #DStv403
JOHANNESBURG - Treasury will spend nearly R40-billion as part of a fiscal relief package for businesses affected by the recent looting and destruction.
It will also help individuals affected by the COVID-19 lockdown.
Finance Minister Tito Mboweni said the chaos in parts of KwaZulu-Natal and Gauteng had a major impact on the country's economic recovery trajectory.
The Finance Ministry said R36.2-billion of the relief package will be new spending, while R2.65-billion will be sourced from re-prioritisation.
National Treasury director-general Dondo Mogajane stressed that the country will not be borrowing money.
"We are not going to be going for borrowing at all. I think that must be clear, and if it's a question we will attend to that later on," he said.
"This is not in any way going to include or increase our borrowing requirement, we will make sure that when need be in terms of the package measures."
Edgar Sishi, Chief Director and Acting Head of Budget at National Treasury, explains the numbers. Courtesy #DStv403