Ramaphosa said the third phase would be an economic strategy which will be implemented to drive the recovery of SA's economy as it emerges from this pandemic.
He said a significant area that requires massive additional expenditure is the relief of hunger and social distress in various communities across the country.
"While we have put in place measures to protect the wages of workers in the formal economy and have extended support in small, medium and micro-sized businesses, millions of South Africans in the informal economy and those without employment are struggling to survive."
Ramaphosa said R130bn would be sourced and reprioritised from the current budget while additional funds would be sourced from UIF and other global funders including the IMF and Brics Bank, among others.
Ramaphosa said of the reprioritised budget, that R50bn will go towards assisting desperate South Africans who have been negatively affected by the coronavirus, while R20bn goes towards municipalities and the health sector at the forefront of the fight against the pandemic.
He said R100bn and R200bn will be preserved for protection and creation of jobs as well as a loan guarantee scheme, respectively.
He also warned that there would be a phased approach towards reopening the economy after the lockdown.
"Central to the economic recovery strategy will be the measures we will embark upon to stimulate demand and supply through interventions such as substantial infrastructure build programme, the speedy implementation of economic reforms, the transformation of our economy and embarking on all other steps that will ignite inclusive growth in our economy. We will outline this in the days to come."