President Cyril Ramaphosa chairs NEDLAC meeting.

PRESIDENT Cyril Ramaphosa has welcomed the social partners’ plan for economic recovery as a demonstration of collaboration that had produced “a significant milestone in the history of our democracy and the advent of a new era of confidence”.

The agreement was formalised at a meeting of the NEDLAC Forum for Economic Recovery that was chaired by Ramaphosa on Tuesday.

Ramaphosa will announce the details of the plan once it has been finalised by Cabinet.

“This is a great achievement that rises to the challenge of the moment,” said Ramaphosa.

The country has seen a major decline in growth due to COVID-19, with a second quarter contraction of 16.4% compared to the quarter before.

This comes with unemployment at over 30%.

Ramaphosa also agreed with social compact to mobilise funding to address Eskom’s financial crisis.

The social partners, who include organised labour, the government, business and community stakeholders, want the power utility funded “in return for an efficient, productive and fit-for-purpose Eskom that generates electricity at affordable prices for communities and industries”.

(COMPILED BY INSIDE POLITICS STAFF)

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