The National Economic Development and Labour Council (NEDLAC) on Tuesday agreed on a plan of action for economic recovery, which is due for consideration and finalisation by Cabinet.
The agreement was formalised at a meeting of the NEDLAC Forum for Economic Recovery, chaired by President Cyril Ramaphosa.
The action plan is directed towards building confidence and placing South Africa on a path of investment and growth.
The social partners’ action plan is founded on significant convergence on what needs to be done to set the economy on a new, accelerated, inclusive and transformative growth trajectory.
The social partners have identified priority areas for rebuilding the economy, as well as structural reforms and other programmes that will enable sustainable and inclusive growth, with an intensive focus on job creation.
The social partners have also agreed on a social compact that commits government, business, labour and community to mobilise funding to address Eskom’s financial crisis in a sustainable manner in return for an efficient, productive and fit-for-purpose Eskom that generates electricity at affordable prices for communities and industries.
The economic recovery action plan identifies roles and responsibilities of all the social partners - government, community, labour and business, who declared their commitment to implementation of the plan.
The President will announce the details of the plan once it has been finalised by Cabinet.
The President welcomed the social partners’ plan for economic recovery as a demonstration of collaboration, which has produced “a significant milestone in the history of democracy and the advent of a new era of confidence”.
“This is a great achievement that rises to the challenge of the moment,” Ramaphosa said.