South African President Cyril Ramaphosa will announce an infrastructure fund as part of a fiscal stimulus designed to revive economic growth, two people familiar with his plans said.
The fund will draw money from both government and private resources and the state-owned fund manager, the Public Investment Corp., will be expected to contribute, the people said, asking not to be identified because the announcement is yet to be made. The national budget will be reorganized but the borrowing ceiling won’t be breached, the people said.
Ramaphosa is due to announce the details of the stimulus at 10 a.m South African time today. Business Day earlier reported the plans for an infrastructure fund.