THE reinstatement of the R350 COVID-19 Social Relief of Distress Grant will cost the South African fiscus R27 billion, according to Finance Minister Tito Mboweni.
Addressing a media briefing on Wednesday, Mboweni said while the cost of the SRD is high, especially with the added burden of the recent looting and unrest, the extended grant was necessary.
The SRD, which was first introduced in April last year, will now end in March 2022.
“This R350 no matter how small it might be goes a long way in assisting our people. It will cost R27 billion, which we have to find in the system,” he said. “We are in a position that we can afford this R27 billion up to the end of March.”
Mboweni added that Treasury projections now show that South Africa is likely to only return to pre-covid economic levels by 2023, with an estimated R15 billion in
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