February 20, 2025.

For Creamer Media in Johannesburg, I’m Lumkile Nkomfe.

Making headlines:

Economists says some good may come from delay in tabling of the Budget

G20 foreign ministers gather amid tensions over trade, Ukraine

And, Rebels in Congo extend offensive to border of Burundi, UN says

Economists says some good may come from delay in tabling of the Budget

Although the delay in the tabling of the 2025 Budget has impacted on policy certainty and the rand, the delay may be worthwhile if the Budget that is delivered on March 12 turns out to be truly committed to growth and job creation, as outlined in the recent Government of National Unity Medium Term Development Plan, says North-West University School of Business and Governance's Professor Raymond Parsons.

The tabling of the Budget had to be postponed after Cabinet failed to agree on a two percentage point increase in value-added tax, as proposed in the Budget documents.

Markets and financial research company Krutham MD and economic analyst Peter Attard Montalto says the postponement of the Budget “is a story of political, governance and process missteps overlayed on some great National Treasury policy-making and balancing work.

Meanwhile, University of the Free State Department of Economics and Finance chairperson Professor Johan Coetzee says the proposed two percentage point increase in VAT would have shifted the tax burden disproportionally to the poor.

G20 foreign ministers gather amid tensions over trade, Ukraine

Foreign ministers from the G20 top economies are meeting in South Africa this week, amid tensions between members over the Ukraine war, trade disputes and with the top US diplomat staying away owing to a feud with the hosts.

South Africa holds the rotating presidency of the group and for President Cyril Ramaphosa the first G20 meeting in Africa is an opportunity to get rich nations to heed poorer countries' concerns - worsening inequality, inadequate action on climate change, and a financial system that favours investment banks over poor sovereign debtors.

But the United States won't be attending: Secretary of State Marco Rubio earlier this month rejected as "very bad" the previously agreed agenda of "diversity, equity and inclusion".

The gathering takes place as US President Donald Trump has upended the US policy of solidarity with Ukraine as he seeks to broker peace in its war with Russia. He has blamed President Volodymyr Zelenskiy for the conflict, and sidelined NATO allies in ending a campaign to isolate Russia.

The US absence is an opportunity for China, which has the world's second biggest economy, to expand its influence.

Rebels in Congo extend offensive to border of Burundi, UN says

Rwanda-backed rebels in the eastern Democratic Republic of Congo have advanced southward, reaching Burundi’s border and bringing the central African region to the brink of war, the United Nations said.

M23 rebels continue to take new territory, seizing the town of Kamanyola on Tuesday at the intersection of Congo, Rwanda and Burundi, according to Bintou Keita, the head of the UN’s peacekeeping mission in Congo.

Over the past three weeks, M23 and Rwandan troops have captured two major cities — Goma and Bukavu — in eastern Congo. They overpowered Congo’s army, allied militias, peacekeepers from southern Africa and the UN, as well as Burundian soldiers. The fighting has left thousands dead and forced nearly a million people to flee their homes.

Rwanda has been impervious to widespread demands for a ceasefire, and the M23 offensive has raised concerns about the country’s ultimate goal. Rwanda invaded Congo twice in the 1990s to overthrow its government.

That’s a roundup of news making headlines today

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