President Cyril Ramaphosa has shared with South Africaˇ¦s business and labour leaders an outline of the economic stimulus package adopted by Cabinet to spark economic activity and secure confidence in sectors affected by regulatory uncertainty.

President Ramaphosa presented highlights of the stimulus package that will soon be announced publicly, to business and labour leaders during a consultative meeting on Friday, 14 September 2018, on economic recovery, investment and job creation.

The meeting in Pretoria was a preparatory dialogue ahead of the forthcoming Jobs Summit and Investment Conference.

The meeting was also attended by Deputy President David Mabuza, ministers in the Economic Cluster, leaders of business formations, CEOs and leaders of the countryˇ¦s major labour federations.

President Ramaphosa indicated that the stimulus package would reprioritise government spending, within the existing fiscal framework, towards activities that will stimulate economic activity.

The package will include a defined set of economic reforms covering issues such as mining, telecommunications, tourism and transport.

The meeting agreed that South Africaˇ¦s economic recovery demanded urgent implementation of the stimulus package and promised growth-enhancing reforms.

The meeting also discussed proposals to establish an infrastructure development initiative that draws in private-sector funding and delivery expertise.

The President welcomed the offer extended by business for the secondment of private-sector professionals to government to improve implementation.

The meeting provided an opportunity for government, business and labour to exchange views on challenges facing the economy.

Delegates engaged frankly on constraints to growth and entrepreneurship, and issues affecting the lives of citizens, including safety and security.

Business and labour welcomed the measures being proposed to stimulate the economy, alleviate pressure on the poor and create and preserve jobs.