Africa-Press – Eswatini. Ministry of Finance and chairperson of the SACU Commission Sizakele Dlamini has urged members of the commission to reflect and monitor the global economic outlook as they have the potential to impact on macroeconomic policies direction and the direction SACU has agreed on as articulated in the SACU Strategic Plan 2022-2027.
Dlamini was speaking during the opening event of the 72nd Meeting of the SACU Commission on the eve of the 8th SACU Summit scheduled for Thursday June 29. The PS stated that the meeting was taking place when the region was inundated with numerous challenges which included gloomier global economic growth coupled with increasing levels of inflation and supply chain disruptions largely due to the ongoing Russia-Ukraine conflict that continues to complicate the geopolitical space.
“There are also real risks including increasing threats of economic sanctions that may impair trade benefits and market access such as those from the AGOA,” she said.
She stated that it had been noted from the IMF that the economic forecast showed that the global economic outlook for 2023 remained pessimistic.
“For instance, the global growth is projected to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023. Growth in SACU is projected to mirror the global prospects with the region expected to register average weighted growth of 1.8 per cent in the current year (2023) compared to 2.3 per cent in 2022,” she said.
The chairperson explained that what was key for SACU was how to position itself and capitalise on the opportunities these geo-strategic developments present while mitigating the challenges they pose.
“As we engage on the SACU agenda today, it is critical that we reflect and monitor the global economic outlook as this has the potential to impact on our macroeconomic policies direction and the direction SACU has agreed on as articulated in the SACU Strategic Plan 2022-2027,” she said.
Trends
She further stated that as the economic trajectory was showing likely positive trends for the coming year, it was important to reflect on how SACU could leverage on this and work towards advancing work that would see developments in the region.
“This, therefore, calls for SACU Member States to put more effort in advancing the work on industrialisation, trade facilitation and leveraging on the AfCFTA, among others, as the core pillars identified to advance the region’s economic growth,” added Dlamini.
She added that their meeting was to focus on the Executive Secretary’s Report which was the report of the 70th Meeting of FAC and the reports of the Senior Finance and Senior Trade Officials; a Paper on the Review of the Institutional Interim Arrangement; and the Rotation of the Chair of SACU Institutions.
“We will also consider papers in preparation of the 49th meeting of the council and convene a restricted session on the human resources matters,” she said.
Dlamini concluded by thanking the Executive Secretary Thabo Khasipe and his team as well as the team in Eswatini for making the necessary arrangements for this meeting, which was their first in-person SACU Meeting since the outbreak of the COVID-19 pandemic.
“Allow me to also thank you for your support as this Meeting marks the end of Eswatini’s term as the chair of the commission and wish the next chair of commission, the Kingdom of Lesotho well and a successful term,” she concluded.
For More News And Analysis About Eswatini Follow Africa-Press
