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economic policy Media Release

Statement on Covid-19 by representatives of G20 Leaders

We, the representatives of the G20 Leaders, discussed the COVID-19 pandemic and its impact on people and the global economy during the second Sherpa meeting in Khobar, Saudi Arabia on March 12, 2020. We are deeply saddened by the human tragedy caused by the spread of COVID-19 and stand in solidarity with all affected countries.

This pandemic calls for a robust international response. G20 countries will enhance cooperation and coordination to control the outbreak, protect people, mitigate the economic impact, and maintain economic stability, while avoiding stigmatization.

The protection of human lives is of paramount importance. G20 countries support and work closely with the World Health Organization (WHO) to monitor the outbreak, share relevant information, encourage preventive measures, early case detection, and clinical care. We underscore the importance of close cooperation between the international organizations and we invite them to report regularly to the G20 on their actions and assessment of needs. We will step up support for the development of early warning systems, appropriate treatments, and vaccines. Fighting the disease at home is our primary concern. In parallel, we will strengthen capacity building and technical assistance between us and to developing countries, whose health systems are often weaker and populations are more vulnerable.

Our health officials met earlier this month to discuss the health and social impact of COVID-19 and other infectious diseases. G20 countries will continue to lead efforts to enhance public health preparedness and response, as well as support the implementation of the International Health Regulations. We ask our health officials to continue to support the WHO in its response to the pandemic.

In their recent statement, G20 Finance Ministers and Central Bank Governors agreed to use all available policy tools, including fiscal and monetary measures as appropriate. We invite our finance officials to continue their ongoing work with international organizations to respond to the economic impact of COVID-19. We welcome the actions taken by countries to support economic activity. We support the IMF and World Bank commitments to extend financing to developing countries that need it and invite countries to strengthen funding facilities. We are committed to addressing the disruptions to international trade and market uncertainty due to the pandemic.

We are confident that, working closely together, we will overcome the COVID-19 outbreak and its implications, safeguard human lives, and protect the global economy. As a premier forum for international economic cooperation, we will demonstrate our ability to address the challenges and realize the opportunities of the 21st century.

https://g20.org/en/media/Documents/G20%20Sherpas%27%20Statement%20on%20COVID-19%20-%20March%2012%2c%202020_v9%20%28clean%29.pdf

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economic policy

G20 Finance Ministers and Central Bank Governors on Covid-19

We are deeply saddened by the human tragedy caused by the spread of COVID-19. We fully support countries’ ongoing measures to contain the outbreak, treat those affected and prevent further transmission.

As agreed in our February meeting, we are closely monitoring the evolution of COVID-19 including its impact on markets and economic conditions. We welcome the measures and plans put forward by countries to support economic activity. We are ready to take further actions, including fiscal and monetary measures, as appropriate, to aid in the response to the virus, support the economy during this phase and maintain the resilience of the financial system.

We will be working with the international community to assist developing countries to cope with the impact of the outbreak. We welcome the steps taken by the International Monetary Fund (IMF), the World Bank Group (WBG) and other international organizations to help member countries by using their available instruments to the fullest extent possible, including emergency financing, policy advice and technical assistance as part of a coordinated global response.

We underscore the need for cooperation to mitigate risks to the global economy from unexpected shocks. To this end, we are working closely with the IMF, the WBG, the Organization for Economic Cooperation and Development (OECD) and the Financial Stability Board (FSB), and support strong coordination with the World Health Organization (WHO), in particular with a view to sharing information, assessing needs and devising policy options that countries can implement in response to COVID-19 outbreak.

The G20 is an important forum for driving a global response during times of uncertainty. We reiterate our commitment to use all available policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks. We will continue to review our individual and coordinated actions in response to COVID-19.

Issued by: G20 Secretariat, 6 March 2020

Source:https://g20.org/en/media/Documents/G20%20Statement%20on%20COVID-19%20-%20English.pdf

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competition policy economic policy Featured public policy

Call for papers on economic regulation, competition and regional development

CALL FOR PAPERS: 4th ANNUAL COMPETITION AND ECONOMIC REGULATION (ACER) WEEK, SOUTHERN AFRICA, CONFERENCE 19 & 20 July 2018, Johannesburg, South Africa

The National Energy Regulator of South Africa, the Competition Commission South Africa and the University of Johannesburg’s Centre for Competition, Regulation and Economic Development are honoured to host the 4th Annual Competition and Economic Regulation (ACER) Week, Southern Africa. ACER provides a valuable platform for competition authorities and regulators to share knowledge, keep abreast of key developments across the region, and build networks for collaboration between agencies. ACER week combines targeted courses on 16-18 July 2018, running concurrently, and the conference on 19 & 20 July 2018.

The conference seeks to address issues of direct interest to competition authorities, economic regulators and industrial policy practitioners in Southern Africa.

Abstracts for proposed conference papers are invited on issues of economic regulation, competition and regional development. While there is a focus on Southern Africa, papers are welcome on these issues with reference to other jurisdictions. The papers will be selected from the abstracts submitted.

Papers are especially invited which fall within the following key themes:

  • Industrial development, structural transformation and creating more competitive markets
  • The opening-up of local and regional markets – experiences in renewable energy and gas markets
  • Cost allocation regarding cross-border energy infrastructure
  • Contemporary regulatory challenges for telecoms, and transition to smart cities and a digital economy
  • Assessing prudency in asset procurement and operational expenditure, and the impact on tariffs
  • Competing on whose merits? A new competition policy agenda to tackle inequality, concentration and participation
  • Competition and regional integration: developing institutions and an effective regime for assessing regional mergers and prosecuting cross-border cartels
  • Market inquiries – realistic or overloaded expectations?
  • 20 years of the South African Competition Act – critical reflections

Abstracts should be no more than 250 words. Abstracts may be submitted to infoccred@uj.ac.za on or before 2 April 2018. Acceptance of papers will be communicated by 13 April 2018. Final papers must be submitted by 29 June 2018.

For more information, please visit CCRED website: https://www.competition.org.za/acerweek2018/

Queries can be directed to Lauralyn Kaziboni. Tel: +27 11 559 7516. E-mail: lauralynk@uj.ac.za

Author: CCRED

Categories
competition economic development economic freedom economic policy enterprise development entrepreneurship Events Featured finance funding innovation insights inspiration Investment media Opportunities public policy social enterprise start-ups wealth youth entrepreneurship

Social Enterprise Masterclass Challenges Delegates to Build Sustainable Organisations

The concept of social enterprise has gone mainstream over the past few years, reflecting a desire for new ways to create economic value in a manner that delivers measurable social impact. This year’s Global Entrepreneurship Week kicked off on 10 November at the continent’s largest start-up campus, 22 on Sloane in Bryanston. On Wednesday 15 November, the venue hosted masterclasses on various aspects of entrepreneurship such as social entrepreneurship, funding strategies for small business, purpose-driven enterprise, as well as inclusive growth.

The first session, Social Enterprise and Impact Investment, kicked off with Mbali Zamisa, enterprise Programme Coordinator of the South African Breweries Foundation talking about various SAB Foundation enterprises that seek to fund various small businesses. These include the Tholana Enterprise, which seeks to empower marginalised groups such as women, youth and rural business.

The room comprised mostly of determined and engaged entrepreneurs whose business’ life span ranged from one to five years old. Rudzani Mulaudzi from Grades Match and Nneile Nkholise from Likoebe Innovation Consultants spoke about impact investment and measurement.

No let-down was The Disruptors author Kerryn Krige’s talk on the complexities and contradictions of social entrepreneurship and especially what it really is. Her talk featured many salient questions and statements that served as food for thought for entrepreneurs:

  • How am I going build stability in this organization?
  • Legitimacy and authenticity are inextricably linked
  • Funding social value in a sustainable way
  • Social enterprise blends income methods which enables you to have control over the types of income you bring in
  • It’s not about how much money you get!

 

Other important take-aways were about were remembering that ‘‘your story is more important than your numbers but use numbers to back up your stories (“finance people aren’t as stupid as they look!”), and the importance of doing homework on your investor, needing your investor to offer more than just money, and enhancing your own ‘‘investability’’.

The Future of Sustainable Job Creation talk with Managing Director Zanele Luvuno of Transcend Talent Management explored the ways in which policy creation can aid job creation and exposed challenges with implementing BEE legislation. The objective was to invite professionals to see beyond corporate life and tap into research and business development facilities to pursue small business development.

The last session on Integrating the Township and Informal economy by Sifiso Moyo was a dialogical sitting that had all delegates debating on the ways in which the township could benefit more from entrepreneurial ventures. Moyo asked critical questions that involved historical facts, relevant statistics and real-life case studies to observe and analyse successes and failures of a few entrepreneurial ventures in the township. The theme of the Township Renaissance was an indispensable topic that pushed the entrepreneurs, many who are from the township, to shift mentality and think of innovative ways of serving their communities with the intention of creating a strong township eco-system in which the rand would circulate numerous times and not only once in a context where R2.2 billion rand is generated out of township economy annually. This challenge presented the opportunity for township entrepreneurs to become real and legitimate competitors with big competitors and franchises.

Global Entrepreneurship Week endeavours to host more events in which more entrepreneurs will actively and consciously engage with like-minded peers who have succeeded such as Vusi Thembekwayo, who graced this week’s first event. The Masterclasses were informative, thought-provoking, and mostly motivating to the passionate and driven young youth who came to learn from the best in the business.

Written by: Gabaza Tiba (Makhaya Advisory)

Categories
economic policy fiscal policy governance political economy public policy

POWER FM: Trudi Makhaya on The Medium Term Budget Policy Statement [Preview]

Trudi Makhaya and Patrick Bond discussed the expectations around the 2017 Medium Term Budget Policy Statement on POWER FM hosted by Ayabonga Cawe.

Listen below: