South Africa will reallocate $3.5 billion of its expenditure budget to stimulate economic activities, Cyril Ramaphosa (photo), the country’s head of state announces today.

According to the official’s statements, reported by Bloomberg, this reallocation is part of the reforms initiated by the country to redefine its priorities, boost economic growth and reduce the unemployment rate.

The said amount will be substracted from poor performing projects and invested in key sectors.

“The central element of the economic stimulus and recovery plan is the reprioritisation of spending towards activities that have the greatest economic effect”, president Ramaphosa said adding that $27.8 billion will also be invested in the infrastructure sector in the coming three fiscal years.

Let’s note that this measure is announced just days after the most industrialized economy of Africa entered into recession.

Moutiou Adjibi Nourou