Africa-Press – Eswatini. Neal Rijikernberg,the Minister of Finance says eSwatini has made significant progress in reducing the fiscal deficit and implementing adjustment measures.
The Minister was speaking at Hilton Hotel,in the capital city-Mbabane on Wednesday during the official launch of the Public Finance Review Report, the review was conducted in collaboration with the World Bank.
“The Government has made significant progress since 2019 in reducing the fiscal deficit and implementing fiscal adjustment measures.Notwithstanding, stepped-up efforts are needed to implement some of the critical reforms highlighted in the Public Finance Review”, said the Finance Minister
On another note, Satu Kahkonen,the World Bank Eswatini Country Director when speaking during the launch said, the Public Finance Review Report will guide the collective effort with the Government particularly, in strengthening fiscal policy while fostering or promoting sustainable economic growth and development.
“The World Bank regularly conducts Public Finance Reviews in countries across the world, with the aim to provide robust analysis and evidence-based policy recommendations.Previously known as Public Expenditure Reviews,these reports have evolved to cover not only spending but also revenue mobilization that is a key element in ensuring fiscal sustainability and economic resilience. The review we are launching today highlights opportunities that Eswatini has to leverage fiscal policy for macroeconomic stability, competitiveness and faster economic growth.The review shows that fiscal policy could be used to address long-standing constraints to growth and improvement of living standards.Given the build-up of macroeconomic imbalances and stagnant social indicators in Eswatini, this is an opportune time to assess and consider how fiscal policy could be used better to address these challenges.It is an important and powerful policy lever that merits attention,” she said.
Dr Thambo Gina,the Minister of Economic Planning and Development, Finance Minister Neal Rijikernberg, United Nations(UN) Eswatini Coordinator George Wachira, Central Bank Governor Dr. Phil Mnisi, Business Eswatini Chief Executive Officer(CEO) Nathie Dlamini and other key stakeholders were also present during the event.
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