President Cyril Ramaphosa announced in a parliamentary address on Thursday that South Africa's new coalition government intends to implement reforms aimed at stimulating economic growth and ensuring sustainable management of public finances to stabilize debt.

The address marked the start of a new five-year parliamentary term following the May election, during which Cyril Ramaphosa's African National Congress (ANC) experienced its first loss of majority in 30 years. This outcome required forming a coalition government with opposition parties.

"We will continue to pursue a macroeconomic policy that supports growth and development, in a stable and sustainable manner," Ramaphosa told lawmakers.

"We are firmly committed to steadily reducing the costs of servicing our debt so that we can redirect funds towards other critical social and economic needs," he stressed.

The agenda focuses on infrastructure and the power sector

Ramaphosa detailed his administration's agenda for the upcoming five years, emphasizing the significance of infrastructure investment, improvements in the power sector, and overhauling South Africa's struggling freight rail network.

He highlighted that the newly appointed cabinet, which convened its inaugural meeting last weekend, is committed to collaborating in the best interests of all South Africans. This aligns with statements from the leader of the second-largest party, who recently affirmed broad support across different political factions for the coalition government's plans.

The South African President affirmed that the coalition partners are embracing a strategy of fostering a "cooperation nation".

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