Hon Speaker, it is premature to speak of a new economic international order. The current global crisis has exposed the deficiencies and imbalances of the prevailing economic dispensation and international corporate governance. It should urge us to pursue with greater urgency a stable, sustainable and more equitable global economic order.
We have noted before in this House that although it is not of our making, the crisis is having a profound effect on our economy and people. As a country, we have responded to this crisis with urgency and energy. There are two main elements to our response. The first is to undertake a series of measures within the framework agreed upon with our social partners to mitigate the effects of this.
Through this framework agreement, we have managed to mobilise all sectors of the economy. These measures include a training layoff scheme as an alternative to retrenchment, which ensures that we develop the skills of our workforce while maintaining the capacity of business to respond when the economy recovers. It also includes provision by our development finance institutions working with the banking sector for financial support to qualifying companies in distress.
The second element of our response is to actively engage in international forums to promote global solutions. While this crisis is likely to reverse some of the gains made by developing countries in recent years, it does provide an unprecedented opportunity for greater co-operation between the developed and developing world in finding solutions. This includes the building of requisite infrastructure and systems for intra-Africa trade and South Africa's trade. Thank you. [Applause.]