Slow responses to global headwinds could defer 2030 Sustainable Development Goals deadline
Godongwana made the comments during the opening address at the third G20 Finance Ministers and Central Bank Governors meeting in KwaZulu-Natal (KZN) on Thursday.
Global heads of fiscal and monetary policy at the table are preoccupied with policy uncertainty, fragmentation and stagnant economic growth.
Godongwana said that rising trade barriers, persistent global imbalances and new geopolitical risks could not go unchecked.
"Many developing countries, especially in Africa, remain burdened by high and rising debt vulnerabilities, constrained fiscal space and high cost of capital that limits their ability to invest in their people and their futures."
Godongwana said that a failure to address these challenges would have a domino effect on the fight against poverty, inequality and slow efforts to create jobs.
"The cumulative impact of these cascading challenges is pushing the achievement of the 2030 sustainable development goals further out of reach."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
17 hours ago
- IOL News
MEC Siboniso Duma addresses contractor payment delays in KZN Transport
KwaZulu-Natal MEC for Transport Siboniso Duma says delays in the payment of contractors constructing and rehabilitating road infrastructure in KZN was a concern. Image: Supplied The delays in the payment of contractors constructing and rehabilitating road infrastructure in KwaZulu-Natal were a concern. The matter was highlighted by MEC of Transport Siboniso Duma during his budget hearing presentation and Annual Performance Plan (APP) at the KZN Legislature Transport Portfolio Committee, on Tuesday. Following the re-tabling of the national Budget by the Finance Minister Enoch Godongwana, provincial departments were also required to re-table their budgets. Riona Gokool, MPL and DA spokesperson on transport, was concerned about allegations that contractors are not being paid for services rendered. This despite the department's significantly increased 2025/26 budget of over R13 billion: a 6.2% increase compared to the adjusted 2024/25 appropriation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Gokool called for: A full disclosure regarding the total value of 2024/25 unpaid invoices and clarity on how the department plans to settle these in 2025/26. A full breakdown of all unpaid contractors from the 2024/25 financial year and the reasons. A timeline of when affected contractors can expect payments. Immediate steps within the DoT to ensure transparent and timely processing of contractor payments going forward. Ringfencing or conditional release of infrastructure and maintenance grant funds until the DoT provides a clear debt settlement plan and payment timeline. Clarity on whether non-payments will impact service delivery and infrastructure rollouts during the current year. The department's infrastructure programme has been allocated a substantial R9.2 billion, with R4.3 billion earmarked for maintenance and R3.8 billion for construction. Gokool said this highlights a mismatch between budget allocation and actual service delivery, particularly if contractors are not being paid or projects are not progressing as intended. According to Gokool, the APP and budget reports make repeated references to prior-year unpaid invoices, specifically noting a spike in expenditure during Quarter one of the 2024/25, which was attributed to late payments from the previous year. She said the department's over-expenditure in that period - R404 million instead of the projected R213 million - raises red flags regarding financial planning and invoice processing systems She added that the DoT's 2025/26 budget makes no clear provision or explanation for settling these outstanding contractor payments, and the progress on disbursing 2024/25 invoices remains unclear 'The ripple effect of non-payments not only affects businesses - it affects workers, their families and local economies - this despite a massive budget supposedly available,' she said. Duma stated that his department continues to prioritise the payment of contractors and that he requested a detailed report from his department heads of delays in payments for the contractors. He also called to prioritise contractors and service providers in rural areas where there is poverty. Duma said that DoT has made great progress in terms of the rollout of road infrastructure projects throughout the corners of the province. 'We have created job opportunities for thousands of people in deep rural areas. We have targeted young people who are worst affected by unemployment. The issue of floods and prolonged rainfall are natural disasters that are affecting our performance,' he said. Duma said that there would be penalties and punitive actions against contractors who squander money and abandon sites without finishing projects. He warned that contractors would be blacklisted and they will be taken to court to recover money.
IOL News
18 hours ago
- IOL News
South Africa aims to shape the future of entrepreneurship in global startup ecosystem
Vuyani Jarana, chairperson of SU20, provided a concise overview of the StartUp20 engagement group within South Africa's G20 Presidency, highlighting the country's vast ecosystem. Jarana was speaking at the StartUp20 (SU20) Midterm Engagement Meeting in Ekurhuleni on Monday. Image: Supplied South Africa has positioned itself to take a leading role in shaping the future of entrepreneurship and innovation within the global startup ecosystem. This was revealed on Monday by the Department of Small Business Development (DSBD) at the StartUp20 (SU20) Midterm Engagement Meeting as part of the first-ever Global Small and Medium-sized Enterprises (SME) Ministerial Meeting organized by the International Trade Centre, the UN small business agency, in partnership with the South African government. Minister of Small Business Development, Stella Ndabeni, said the Engagement Group was unwavering in its mission to propel innovation, digital transformation, and policy collaboration. Ndabeni said this initiative aims to forge robust connections between global startup communities, ultimately better equipping local enterprises to navigate international markets.'We have identified five priority areas for the StartUp20 Engagement Group. 'First, Foundation and Alliance with the focus on enabling policies, and ways to build a more supportive and resourced eco-system for early-stage entrepreneurs and scale-ups,' Ndabeni said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'Second, Finance and Investment with the focus on addressing gaps in early-stage financing, cross-border financing, and ways to derisk investment, for underserved regions and groups like women and youth, including through pre-investment capital readiness support. Third, Inclusion and Sustainability with the focus on circular economy models, green innovation incentives, and pre-investment business support for youth and women led enterprises to improve capital readiness. 'Fourth, Market Access with the focus on facilitating international trade, enabling e-commerce, reforming public procurement systems and supporting regional integration, and fifth, Township and Rural Entrepreneurship with the focus on strengthening local value chains, improving infrastructure and connectivity, and improving access to finance and eco-system support for supporting co-operatives and micro enterprises.' Ndabeni said the establishment of Task Teams composed of both South African and international stakeholders marked a significant step in this collaborative venture, allowing for the exchange of policy recommendations and best practices. These discussions are crucial as they lay the groundwork for a clear action programme to be finalised at the upcoming Startup20 Summit on 13th and 14th November, which will also host the inaugural Startup20 Awards to highlight the best startups and ecosystem enablers from G20 nations. Salome Baloyi, acting chief operations officer and G20 engagement lead coordinator for South Africa's G20 Presidency, shared insights on the StartUp20 initiative. 'Our mission is to empower township and rural communities by breaking down barriers for small businesses, driving structural reforms, and accelerating digital innovation,' Baloyi said. 'We're pushing a bold agenda for startup and MSME development, prioritizing innovation, inclusion, and meaningful participation across all sectors.' Vuyani Jarana, chairperson of SU20, provided a concise overview of the StartUp20 engagement group within South Africa's G20 Presidency, highlighting the country's vast ecosystem. 'South Africa, as a member of the G20, participates in an international forum comprising 19 countries and two regional bodies, namely the European Union and the African Union,'Jarana said. He further noted that the primary objective of this international forum is to enhance multilateral cooperation, with a focus on recovering the global economy, stabilising global financial systems, promoting sustainable long-term growth, and strengthening international economic governance. Nkosi Khumalo, MTN general manager for SME and indirect channels, said they were partnering with various sectors to support small enterprises, drive innovation, and sustainability. 'As the MTN Group, we have invested in 4G and 5G technology to support businesses, developed a fintech platform to support small businesses with insurance capabilities and payment options, and leveraged powerful machines to assist small businesses,' Nkosi said. 'We develop innovation, offer digital skills, and certify businesses to position them for opportunities and contracts, such as those in Information Technology. We are also empowering black female business owners to ensure small businesses stay online.' BUSINESS REPORT
The South African
19 hours ago
- The South African
G20: Startup20 Engagement Group's FIVE priorities unveiled
Small Business Development Minister Stella Ndabeni has unveiled South Africa's priorities for the Startup20 Engagement Group – an official engagement group under the country's G20 presidency. The minister was delivering remarks at the midterm meeting held at Birchwood in Boksburg on Monday. Startup20 serves as a platform for startups and Micro, Small, and Medium Enterprises (MSMEs) to engage with G20 leaders on the challenges and opportunities they face. Foundation and alliance – with the focus on enabling policies, and ways to build a more supportive and resourced eco-system for early-stage entrepreneurs and scale-ups. Finance and investment – with the focus on addressing gaps in early-stage financing, cross-border financing, and ways to derisk investment, for underserved regions and groups like women and youth, including through pre-investment capital readiness support. Inclusion and sustainability – with the focus on circular economy models, green innovation incentives, and pre-investment business support for youth and women led enterprises to improve capital readiness. Market access – with the focus on facilitating international trade, enabling e-commerce, reforming public procurement systems and supporting regional integration Township and rural entrepreneurship – with the focus on strengthening local value chains, improving infrastructure and connectivity, and improving access to finance and eco-system support for supporting co-operatives and micro enterprises. 'Task teams made up of South African and international representatives have been established in these five priority areas. 'This Midterm Engagement Group Session provides the opportunity for these task forces together with others in the broader eco-system to develop policy recommendations that culminate in a clear programme of action to be finalised in the Startup20 Summit on 13-14 November. 'This summit in November will also include the inaugural Startup20 Awards, where the best startups and eco-system enablers from the G20 countries will be recognised. We will also, as DSBD, integrate our Presidential MSME Awards where we recognise and reward our best local talent,' Ndabeni said. She emphasised that South Africa would utilise its G20 presidency to champion 'issues of the Global South and Africa in particular, including issues of public debt, food security, market access, and the availability and cost of capital'. 'With the African Union's induction as a permanent G20 member in 2023, Africa's voice is now more prominent in global policymaking. South Africa plays a dual role: both as a sovereign G20 member and as a strategic member of the AU. As such we are well positioned to support the continent's startup and MSME agenda. 'This alignment allows for greater policy coherence, enabling South Africa to serve as a bridge between global discourse and regional development aspirations, particularly in areas such as startup financing, regulatory reform, and digital transformation,' the Minister said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
