May 13, 2020 / 2:19 PM / 17 days ago

UPDATE 2-South Africa's treasury targets June 24 to finalise coronavirus budget

(Adds treasury comment)

JOHANNESBURG, May 13 (Reuters) - South Africa’s National Treasury on Wednesday said it would aim table a new budget on June 24 to ratify plans for a 500 billion rand ($27 billion) stimulus package aimed at easing the economic impact of the coronavirus outbreak.

“A revised fiscal framework will also be presented, to account for substantial revenue losses emanating from the economic shock of the pandemic and subsequent lockdown,” it said in a statement.

President Cyril Ramaphosa announced the rescue package in late April. It equates to 10% of GDP and includes higher welfare and unemployment grants as well as support for businesses.

The treasury said the June 24 date was a “guideline” when it wanted to conclude preparations for a new budget and thereafter consult with the speaker of parliament on a final date.

“The date of 24 June is the date by when the National Treasury would be ready to table. It does not prescribe whether parliament must organise for tabling on this date,” the treasury said. ($1 = 18.3788 rand) (Reporting by Mfuneko Toyana; Editing by John Stonestreet and Alison Williams)

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