South Africa's Coalition Government to Revive Economy

South Africa's new coalition government, led by President Cyril Ramaphosa, aims to stimulate economic growth and manage public finances to reduce debt. Ramaphosa has outlined plans for infrastructure investment, power sector improvements, and revamping the freight rail network, focusing on stable and sustainable growth.

South Africa's new coalition government is set to implement reforms aimed at boosting economic growth and managing public finances to stabilize debt, President Cyril Ramaphosa declared in an address to parliament on Thursday.

Marking the official opening of a new five-year parliamentary term, following a May election where the African National Congress lost its majority, Ramaphosa emphasized the continuation of macroeconomic policies fostering stable and sustainable development.

The President underscored the commitment to decreasing debt servicing costs, allowing for the reallocation of funds to critical social and economic needs. Ramaphosa detailed plans to invest in infrastructure, improve the power sector, and overhaul the nation's freight rail network. He highlighted the coalition government's unity, with the new cabinet prioritizing the country's interests.

(With inputs from agencies.)