HARARE, Jul. 2 (NewsDay Live) – Southern African Development Community (SADC) finance ministers have called for stronger regional cooperation and innovative financing mechanisms to help member states withstand mounting global economic challenges.
Addressing the opening of the SADC Committee of Ministers of Finance and Investment meeting in Harare on Thursday, Finance, Economic Development and Investment Promotion minister Professor Mthuli Ncube said the region was grappling with persistent inflation, climate-induced shocks, rising public debt and uncertainty in global trade.
“Regional cooperation is not optional. It is the surest path to resilience, self-reliance and shared prosperity,” Ncube said.
He urged member states to expedite the operationalisation of the SADC Regional Development Fund to mobilise resources for infrastructure development, industrialisation and cross-border trade.
SADC Committee of Ministers of Finance and Investment chairperson and South African Finance Minister Enoch Godongwana said the conflict in the Middle East and global trade uncertainty had weakened the international economic outlook.
“The overall impact of the conflict is already being felt across the SADC region through the direct effects of rising fuel and fertiliser prices,” Godongwana said.
He warned that declining foreign aid would compel member states to pursue sustainable financing models, deepen regional trade and strengthen partnerships with the private sector.
The meeting in Harare has brought together finance ministers, central bank governors and senior treasury officials from across the region to deliberate on regional financial integration, macroeconomic convergence and strategies to promote investment and sustainable economic growth.
- US$200K armed robber in court
- Massive ZRP vehicle theft scam exposed
- Building narratives: Chindiya empowers girls through sports
- SRC move, an exercise in futility
Keep Reading
