South African Business, Labor Leaders Hammer Out Recovery Plan

(Bloomberg) —



a group of people walking on a city street: Pedestrians walk through an outdoor market area close to St Georges shopping mall in Cape Town, South Africa, on Wednesday, Aug. 19, 2020. The country, which in late March implemented one of the world’s strictest lockdowns to curb the spread of Covid-19, moved to a so-called alert level 2 on Monday, enabling most restricted economic activity to resume.


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Pedestrians walk through an outdoor market area close to St Georges shopping mall in Cape Town, South Africa, on Wednesday, Aug. 19, 2020. The country, which in late March implemented one of the world’s strictest lockdowns to curb the spread of Covid-19, moved to a so-called alert level 2 on Monday, enabling most restricted economic activity to resume.

South African business, labor union and government leaders have given themselves 10 days to agree on a recovery plan before presenting it to President Cyril Ramaphosa, people familiar with the situation said.

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A select group of leaders met under the auspices of the National Economic Development and Labour Council on Tuesday to discuss the plan and will convene again on Sept. 3 to finalize it, the people said on condition of anonymity as a public statement hasn’t been made.

The priorities range from infrastructure investment and boosting small and medium-sized enterprises to cracking down on corruption. The measures are aimed at charting a way out of the country’s biggest expected economic contraction in almost nine decades this year — a meltdown that was brought on by the coronavirus and a lockdown aimed at curbing its spread.

Ramaphosa convened the Nedlac talks earlier this month in a bid to accelerate an economic recovery.

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