The IFP welcomes the announcement by the South African Reserve Bank (SARB) Governor, Lesetja Kganyago following the three-day meeting of the monetary policy committee which decided to cut the repo rate by a full 1 percent.
The 100 basis point cut would help ease the burden on consumers and help spur on the economy by encouraging trade.
The IFP believes that government alone cannot ensure the necessary economic growth. The private sector, trade unions, other sections of civil society and the public all have a role to play.
However, government has to lead in this regard and therefore this relief is welcomed by the South African Reserve Bank as it forms part of the multi-pronged approach to economic relief.
South Africans are in desperate need of economic relief and the additional savings in personal disposable income will certainly aid in continuing to stimulate the economy as we face grave uncertainty with the spread of Covid-19 and the sluggish growth of our economy.
Inkosi Mzamo Buthelezi MP
IFP Deputy President and Spokesperson on Finance
072 390 6112
Mkhuleko Hlengwa MP