September 21, 2018 / 8:48 AM / 2 months ago

South Africa to reallocate $3.5 bln of budget to revive economy - Ramaphosa

PRETORIA, Sept 21 (Reuters) - South African President Cyril Ramaphosa announced a raft of policy reform plans on Friday, including re-prioritising 50 billion rand ($3.51 billion) of public spending to boost economic growth and create jobs.

Ramaphosa fell short of announcing a stimulus package, saying there was no room to increase spending or borrowing.

“We have to resort to re-prioritising our budget and our spending,” Ramaphosa said in Pretoria.

Africa’s most industrialised economy entered recession in the second quarter for the first time since 2009, in a blow to Ramaphosa’s pledge to turnaround the economy after a decade of stagnation. ($1 = 14.2354 rand) (Reporting Olivia Kumwenda Mtambo and Nomvelo Chalimbura Writing by Mfuneko Toyana Editing by James Macharia and Joe Brock)

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