Government will not be borrowing new money to finance the fiscal relief package of R38.65 billion.

The Finance Department held a media briefing, providing details on financial relief measures to those impacted by the recent destruction in KwaZulu-Natal and Gauteng and the Covid-19 pandemic.

Treasury says that it’s ahead of its revenue target to accommodate the R36.2 billion. The other R 2 billion will come from budget reprioritisation. Finance Minister Tito Mboweni slammed the economic damage caused by the looting, warning that it will have a dire impact on the entire country’s economic system.

[Picture: GCIS]