South Africa’s National Treasury on Wednesday said it would table a new budget on June 24 to ratify plans for a 500 billion rand ($27 billion) stimulus package aimed at easing the economic impact of the coronavirus outbreak.

“A revised fiscal framework will also be presented, to account for substantial revenue losses emanating from the economic shock of the pandemic and subsequent lockdown,” it said in a statement.

President Cyril Ramaphosa announced the rescue package in late April. It equates to 10% of GDP and includes higher welfare and unemployment grants as well as support for businesses.

($1 = 18.3788 rand)