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P14.5 billion allocated towards economic recovery

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Government has allocated P14.5 billion for the implementation of the Economic Recovery and Transformation Plan 12 (ERTP).

When delivering the State of the Nation Address yesterday, President Mokgweetsi Masisi revealed that following the adoption of the economic relief package, Government developed an ERTP, which was approved by Parliament in September 2020.

He explained that the amount will be spread over the remaining years of NDP 11. “The ERTP is an addendum to the Mid-Term Review of NDP 11 and it is aligned to the National Vision 2036.

The Plan is expected to re-boot the economy and to cushion it from the unprecedented shock brought about by COVID19.”

Masisi said that government was currently looking at several options to finance this additional expenditure, with a preference for domestic borrowing and additional revenue mobilisation. “Where necessary, Government will consider other financing options to accommodate any outstanding needs.”

He also noted that government has set up an Industry Support Fund to the amount of P1.3 billion to support local businesses. “Additionally, the National Development Bank (NDB) established a P50 million Agri-Business Stimulus Fund to promote smart farming. It also supported SMMEs to supply essential goods and services during the pandemic.”

He added that NDB created a P20 million essential services fund to assist businesses with purchase orders financing.

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