The damage in the province is estimated at around R10 billion. The Minister was speaking from Washington where he has just arrived to attend the Spring Meetings of the International Monetary Fund and World Bank.
“The key activity which we did from a fiscal point of perspective is creating a fiscal space. For instance, the US has two kinds of phases: the first one is what you call an immediate relief, composed of two components. The first one is to move the data into, for instance, housing relief, water and so on. So, the second component of that is to assess the extent of the damage. We’ve got more than R1 billion which was budgeted in any event through our fiscal space.
Establish a sovereign wealth fund minister. Even if we start with seed capital of R1m. With time it will grow into a decent kitty to draw from during such unforseen disasters