Bay municipal delegation visits Angola to strengthen trade ties
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By Ntsikelelo Qoyo - 04 August 2025
As US tariffs continue to cause trading uncertainty around the world, a Nelson Mandela Bay municipal delegation has returned from a tour of Angola, paving the way for bilateral partnerships across various sectors, including agriculture, infrastructure, energy and education.
Delegations from the Western Cape and Northern Cape also attended, with 60 businesses from the three provinces...
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New EFF bill aims to tighten control over South Africa's foreign loans
Minister Enoch Godongwana revealed in a recent interview with Bloomberg Television that the government is managing a loan package totalling about R54 billion Image: Jairus Mmutle/GCIS The Economic Freedom Fighters (EFF) have taken formal steps to introduce a Private Member's Bill aimed at tightening parliamentary oversight over the country's foreign borrowing. According to party MP Sinawo Tambo, the proposal is already being processed through the Bills Office and is 'at an advanced stage.' The legislation seeks to ensure that all foreign loan agreements receive prior approval from Parliament and are fully disclosed to the public. The party wrote to the National Assembly Speaker Thoko Didiza in June, notifying her of their intention to table the Public Finance Management Amendment Bill, 2025. "It aims to strengthen democratic oversight and ensure that all foreign loan agreements undergo prior parliamentary approval and are subject to full public disclosure before conclusion. The policy rationale and urgency for this amendment are outlined in the attached policy proposal and consultation documents. The party said in the letter to Didiza. "The Bill is premised on the constitutional principles of transparency, accountability, and sound financial governance, as provided for in Sections 215 and 216 of the Constitution." The proposal comes amid growing concerns over the country's escalating debt levels. South Africa's debt-to-GDP ratio has grown from 23.6% in 2008/09 to a projected 74.7% in 2024/25. The International Monetary Fund has also recommended that South Africa reduce its debt-to-GDP ratio to 60% to align with international standards. 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 Action SA is just pathetic. The EFF is already processing this with the Bills Office and it is at an advanced stage. This is just a sad and pathetic stunt. — Sinawo Thambo (@Sinawo_Thambo) August 3, 2025 Earlier this year, the party was also critical of the government's decision to sign a US$1.5 billion (R27.2 billion) loan agreement with the World Bank for infrastructure development. "The EFF is deeply concerned by the rising trend of foreign-denominated loans, particularly when there is sufficient liquidity in the domestic financial market and alternative monetary policy interventions that remain unexplored, " the party said. Since then, the government has secured several additional loans. Finance Minister Enoch Godongwana revealed in a recent interview with Bloomberg Television that the government is managing a loan package totalling about R54 billion from international lenders, including the World Bank, African Development Bank, and KFW.
