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IOL News
2 days ago
- Business
- IOL News
South Africa's G20 Meeting: Tackling illicit financial flows and advancing social protection
The G20 Development Working Group Ministerial Meeting commenced with a compelling keynote address delivered by Minister Maropene Ramokgopa, Minister in the Presidency for Planning, Monitoring & Evaluation. Image: Department of Planning, Monitoring & Evaluation/ Facebook It was a busy week for the Department of Planning, Monitoring and Evaluation (DPME) with the Fourth G20 Development Working Group (DWG) Meeting and Ministerial Meeting, focusing on the need to tackle illicit financial flows, strengthen domestic resource mobilisation, advance inclusive social protection systems and align development finance with the Sustainable Development Goals (SDGs). At the ministerial meeting, Minister Maropene Ramokgopa said South Africa's Presidency placed particular emphasis on two critical enablers: the mobilisation of domestic resources through curbing illicit financial flows and the acceleration of universal, inclusive, and adequate social protection. 'With just five years remaining before the 2030 deadline, only 52.4% of the global population is effectively covered by at least one form of social protection. In Sub-Saharan Africa, that figure stands at a mere 13%, compared to 86% in North America and Europe. The disparity is stark. Social protection, in particular social security, is not a luxury. It is a fundamental human right and a cornerstone of resilient societies,' Ramokgopa said. She highlighted their pride in the 16 points of the Call to Action, which advocate for expanded Social Protection coverage. This expansion aims to accelerate progress towards the SDGs, particularly in addressing poverty and hunger, by increasing social protection coverage for at least one category by 2 percent annually in countries currently lagging. 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 Ramokgopa said they are also committed to drawing further on the advances and advantages of digitalisation while being mindful not to exacerbate inequalities through the digital divide. 'To uphold our commitments and transform discussions into meaningful action, we have empowered the Social Protection Interagency Board (SPIAC-B), in partnership with the ILO, to monitor and annually report to the G20 DWG on the progress made in realising this call to action,' Ramokgopa said. Ramokgopa said investment in social protection remains dangerously low. 'We need to shape all of society to understand social protection as an investment in human capital, which can be leveraged as a tool for inclusive economic growth and transformation of the economy and labour market,' Ramokgopa said. Ramokgopa added that while the demand for SDG financing escalates, official development flows and domestic fiscal capacities remain insufficient. Blended finance has mobilised only $213 billion to date, with the least-developed countries receiving a paltry 6%. 'This underscores the imperative to strengthen domestic resource mobilisation and to curb illicit financial flows (IFFs) decisively,' Ramokgopa said. 'IFFs remain a critical challenge for many countries, especially in developing and low-income countries. Although inherently difficult to quantify, estimates suggest that IFFs amount to around $1.5 trillion annually.' Ramokgopa presented a framework of high-level principles designed to serve as a foundation for systemic action, including: Advancing global financial transparency; Promoting integrity and the exchange of financial data; Establishing equitable tax systems; Enhancing multilateral cooperation and enforcement mechanisms; Investing in the capacity of revenue authorities and financial institutions; Strengthening procurement transparency and accountability; and Promoting technological innovation to track, trace, and recover stolen assets. Delivering opening remarks at the development working group meeting, Ramokgopa emphasised the importance of inclusive growth, social protection, and sustainable financing. 'This week is crucial for the advancement of our shared commitment to confront global development challenges. We gather not just as Ministers and officials, but as stewards of a common ambition to build a world in which progress does not bypass the most vulnerable,' Ramokgopa said. The Development Bank of Southern Africa (DBSA) hosted a side event on day one, focusing on financing sustainable development and global public goods. The discussion explored innovative financing solutions, collaborations, and consistent policies to address the needs of the most vulnerable communities. Practical implementation of development goals was the focus of other sessions. The United Nations Development Programme (UNDP) reviewed the outcomes of the Fourth International Conference on Financing for Development, while the United Nations Environment Programme (UNEP) showcased its RELISA initiative as a practical example of sustainability.
IOL News
11-07-2025
- Business
- IOL News
President Xi calls for global dialogue, cooperation among civilisations
The Ministerial Meeting of the Global Civilizations Dialogue opens in Beijing, China, July 10, 2025. Image: CGTN Chinese President Xi Jinping said on Thursday that China is ready to work with other countries in building a global network for dialogue and cooperation among civilisations. Xi, also general secretary of the Communist Party of China (CPC) Central Committee, made the statement in a congratulatory letter to the Global Civilizations Dialogue Ministerial Meeting, which opened in Beijing. He pledged that China will work with other countries to champion equality, mutual learning, dialogue and inclusiveness among civilisations, and implement the Global Civilization Initiative (GCI), in a bid to provide fresh impetus for advancing human civilisations and promoting world peace and development. "The world is, in nature, a place of diverse civilisations," Xi said in the letter. "History has shown us that exchanges and mutual learning among civilisations are essential for civilisations to flourish and human progress to be made." In a world where transformations and turbulences are interwoven and humanity stands at a new crossroad, there is an ever-pressing need for civilisations to transcend estrangement through exchanges, and to transcend clashes through mutual learning, Xi 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 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. Next Stay Close ✕ He also expressed his hope that participating representatives would engage in in-depth exchanges to build consensus and contribute their wisdom and strength to the goal of promoting understanding and friendship among peoples, and achieving harmonious coexistence among civilisations. Speaking at the opening ceremony, Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and a member of the Secretariat of the CPC Central Committee, said the GCI proposed by President Xi more than two years ago has received enthusiastic responses and positive echoes from the international community. The initiative, which upholds the core principle of seeking common ground while reserving differences, is deeply rooted in China's fine traditional culture and resonates with cultural values shared by many other nations, Cai said. Themed "Safeguarding Diversity of Human Civilizations for World Peace and Development," the meeting is co-hosted by the Publicity Department of the CPC Central Committee and the International Department of the CPC Central Committee. United Nations Secretary-General Antonio Guterres sent his message of congratulations to the event, which has attracted over 600 guests from about 140 countries and regions. Former heads of state and government from Indonesia, Namibia, Japan and Belgium also delivered speeches at the opening ceremony. CGTN
Middle East
21-06-2025
- Business
- Middle East
OPEN// FM meets Turkish businessmen during his visit to Istanbul
CAIRO, June 21 (MENA) - Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty held a meeting with a group of Turkish businessmen during his visit to Istanbul to attend the Ministerial Meeting of the Organization of Islamic Cooperation (OIC). The meeting was part of efforts to enhance Turkish investments in Egypt. Abdelatty emphasized the importance of continuing to strengthen trade and investment cooperation between Egypt and Turkey, highlighting the significant progress in economic relations between the two countries. He noted that the total trade exchange between the two nations reached nearly $9 billion in 2024, with Turkey becoming an important destination for Egyptian exports, while Egypt is also a key destination for Turkish exports in Africa. He welcomed Turkish investments in Egypt, especially in recent years, which have seen a remarkable increase. He expressed Egypt's desire to further expand Turkish investments. (MENA) Y R E
Leaders
02-06-2025
- Business
- Leaders
Saudi FM Takes Part in GCC Ministerial Meeting in Kuwait
The Saudi Foreign Minister, Prince Faisal bin Farhan, is participating in the 164th session of the Gulf Cooperation Council (GCC) Ministerial Meeting, taking place in Kuwait, reported the Saudi Press Agency (SPA). Prince Faisal bin Farhan was received at the Kuwait International Airport by his Kuwaiti counterpart, Abdullah Al-Yahya, and Saudi Arabia's Ambassador to Kuwait, Prince Sultan bin Saad bin Khaled. On Monday, the Ministerial Meeting kicked off under the chairmanship of the Kuwaiti Foreign Minister, Abdullah Al-Yahya. The Foreign Ministers and heads of delegations from the GCC countries are taking part in the meeting, according to the Kuwait News Agency (KUNA). The GCC Foreign Ministers will explore ways to strengthen joint cooperation among Gulf countries, as well as exchanging views on the latest regional and international developments and efforts made to address them. Furthermore, the meeting will discuss resolutions regarding the follow-up of decisions issued by the GCC Supreme Council at the 45th summit in Kuwait City in December 2024, the GCC Secretary-General, Jasim Al-Budaiwi, said in a press release. It will also discuss reports and memoranda submitted by the ministerial and technical committees and the General Secretariat, in addition to dialogues, strategic ties and free trade agreements between the GCC countries and foreign countries and blocs. Short link : Post Views: 35
Asharq Al-Awsat
02-06-2025
- General
- Asharq Al-Awsat
Saudi Foreign Minister Arrives in Kuwait to Participate in GCC Ministerial Meeting
Saudi Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, arrived in Kuwait to participate in the 164th Ministerial Meeting of the Gulf Cooperation Council (GCC), the Saudi Press Agency said on Monday. The Minister was received at Kuwait International Airport by Kuwaiti Minister of Foreign Affairs, Abdullah Ali Al-Yahya, and Saudi Ambassador to Kuwait, Prince Sultan bin Saad bin Khaled. The Ministerial Meeting of the GCC is scheduled to discuss ways to promote joint GCC action, developments in regional and international arenas, and efforts made in this regard.
