It is an honour and privilege to address you at this important seminar on the role of sub-national governments in the global governance space, hosted here in Johannesburg, the economic heart of South Africa and indeed of the African continent.

This seminar does not stand alone. It builds directly on the 4th International Conference on Financing Sustainable Development Goals, which took place in Seville, Spain, earlier this year.

That global gathering reminded us of a sobering truth: across the world, sub-national and regional governments are under rising pressure. We are contending with growing debt, shrinking investment flows, and reduced aid at precisely the time when communities expect us to deliver on ambitious development and service delivery goals.The global financial system, in its current form, is not adequately designed to support the developmental mandates of cities and provinces.