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Solidarity Fund set to cushion the blows experienced by COVID-19 lockdown
6 April 2020
The government has established a Solidarity Fund to reduce the economic challenges that businesses, employees and ordinary South Africans are facing during the 21-day lockdown. The fund focuses on combatting the spread of the virus, helping to track the spread, assisting those who are ill and supporting those whose lives are disrupted. President Cyril Ramaphosa announced that businesses, organisations, and individuals from various spheres and across the globe can contribute to the fund to help relief economic difficulties.
Fund administered by a team of experts.
The fund has a board of eminent South Africans to ensure equity and proper governance. It is chaired by Gloria Serobe and deputy chairperson Adrian Enthoven. It is being administered by a reputable team of people drawn from financial institutions, accounting firms and the government.
According to African Monitor Senior Research Manager Yared Tsegay, the economic impact of COVID-19 and the lockdown will be enormous and would hit the vulnerable the hardest. These include communities that are vulnerable and the poorest of the poor as well as those generating their income from the informal sector.
Originally written by Shakirah Thebus, Cape Argus
