Presidency to release framework to raise $100bn

The presidency is planning to release a framework document within two weeks, which will outline in greater detail how the government plans to raise $100 billion (R1.3 trillion) over five years.

Trudi Makhaya, economic adviser to President Cyril Ramaphosa, told City Press during an interview on the sidelines of the Government Technical Advisory Centre (Gtac) winter school held this week at the SA Reserve Bank in Pretoria that: “We are going to release a paper just on a framework. It will indicate the types of sectors without being too prescriptive.”

Regarding how much has been raised towards the $100 billion target, Makhaya said: “We haven’t been counting. We shall start soon.

“We don’t want to be prescriptive about the split [for the sources of the $100 billion investment]. We have been quite clear about that. The base will be local investment. It can’t all be foreign direct investment … [The investment] is going to be local and international. We don’t have a set ratio. We are trying to engage with both.”

Right now, no particular industries were being selected for emphasis as part of the target, Makhaya said.

In mid April, Ramaphosa announced that he would be seeking to raise $100 billion over five years.

Speaking during the Gtac session, Makhaya said the target was “quite a tall order”.

“Of course it starts with revitalising the fundamentals of the economy, so we can make a compelling investment case for South Africa,” she added.

During Ramaphosa’s state visit to Saudi Arabia this week, the Middle East country said it intended to invest as much as $10 billion in South Africa’s economy.

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