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However, the extended lockdown and slower recovery will place downward pressure on inflation, the SARB's Monetary Policy Committee highlighted, which in turn could free up space for monetary policy to respond to the demand shock caused by the pandemic. SARB Governor Lesetja Kganyago cautioned that the sharp economic contraction, increased fiscal risks, a weakening currency and higher borrowing costs for the government, banks and businesses have heightened the risk to South Africa's economy. Milestones for reopeningįollowing an emergency meeting over the Easter weekend, the SARB decided to cut the country's benchmark interest rate by 100 basis points to a record low of 4.25%, following another 100 basis point cut in March. However, he cautioned that ending the lockdown too early risked "reversing the gains" and "rendering meaningless the sacrifices" made by all South Africans. In his address to the nation Thursday, Ramaphosa said that while there was still a need for greater testing and efforts to gauge the infection rate, this represented "real progress." The sale of alcohol and cigarettes is also prohibited. The lockdown measures, which are being enforced by police and the army, forbid South Africans from leaving their homes except to seek medicine or medical care, buy food and supplies or collect a social grant. More than 83,000 tests have been conducted so far, although this remains well below the target of 10,000-15,000 tests per day. President Cyril Ramaphosa highlighted in a national address last week that the rate of new infections had slowed to just 4% since stringent lockdown measures were implemented on March 27, down from 42% when the virus first arrived in the country. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower The majority of cases are travelers from Europe and other countries, but the number of cases that are locally transmitted is rising.Best Debt Consolidation Loans for Bad Credit
South Africa has not registered a death from the disease. South Africa has overtaken Egypt to become the African country with the highest number of cases. More than half of South Africa’s total cases are in Gauteng province, which includes Johannesburg, the country’s largest city with 5.7 million people, and the capital, Pretoria, with 2.4 million, according to figures released by the government health ministry. Any employee who falls ill from exporsure will be compensated through the compensation fund,” he added.
“To alleviate congestion at pay points, grants for pensioners will be available from 30 and 31 March. The fund will be chaired by Gloria Serobe. The fund will compliment what we are doing in government. “We have set up a solidarity fund which focuses on efforts to combat the spread of the virus.
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The president also outlined a series of economic interventions from the government and with the cooperation of relevant private sector bodies.
The South African National Defence Force have been tasked to join the police to ensure the strict enforcement of the new rules. Ramaphosa said all South Africans will have to remain home: “Individuals will not be allowed to leave their homes except in exceptional circumstances,” he stressed. South Africa is currently Africa’s most impacted by the coronavirus.
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