A panel of financial advisers appointed by South African President Cyril Ramaphosa warned of a basic income subsidy in the world’s most unequal country, saying the multibillion-dollar cost could deepen debt and slow economic growth.
As far back as September, Ramaphosa said that in order to alleviate poverty, a basic income subsidy, the largest of its kind in the world, should be considered. This statement has put him at odds with his finance minister and business organizations, who say the proposal cannot be afforded.
“Our vision must be to promote employment rather than ever-increasing state-funded income support,” the president’s economic advisory […]
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