Ramaphosa Unveils Plan to Revive Frail South African Economy

South African President Cyril Ramaphosa unveiled plans Friday to reallocate 50 billion rand ($3.5 billion) of the national budget, set up a new infrastructure fund and implement a range of other measures to revive an economy that’s mired in recession.

The reforms, which include new rules for the mining industry and less onerous visa requirements, will be implemented immediately and funded from within the current fiscal framework, Ramaphosa said at a briefing in Pretoria. A long-awaited announcement on the allocation of spectrum to mobile-network operators will be made in the next few weeks, he said.