“The country will receive E5.8 billion from the SACU Receipts this financial year, and E8.7 billion the following financial year, and there is a possibility that it could be more; the anticipated amount is the worst case scenario”
The Minister of Finance Neal Rijkenberg says the country is projected to receive E8.7 billion from the Southern African Customs Union (SACU) Receipts for the 2023-24 financial year. The Minister was speaking during the Post-Budget Seminar hosted by the Central Bank of Eswatini in partnership with the Economics Association of Eswatini. SACU Payments emanate from all customs, excise, and additional duties collected in the SACU Common Customs Area and are paid into the Common Revenue Pool shared by member states.
Rijkenberg revealed that this financial year the country will receive E5.8 billion from the SACU Receipts. He also noted that they were expecting much more because of the measures they have put in. The Minister further went on to state that Government has also decided to create a SACU Stabilization Fund to protect the country against times when it receives less in SACU receipts.
He said an increase in SACU receipts would help attract investors as these are some of the things they take into account when considering investing in a country. He noted that it was pleasing that the Central Bank of Eswatini had done well when it comes to managing the country’s reserves.
On another positive note the Minister said that the future looks positive for the country as country has performed positively the past year. “I admit we were surprised as the Ministry by the the country’s unexpected economic upturn which has seen the country show economic growth of up to 6%, over the last year, despite the social and economic pain currently being experienced. This is mind-blowing considering that we only went down 1.9% the previous year” he noted. Rijkenberg added that companies were also expanding and would be hiring more people which augured well for the economy. He pointed out that their forecasts indicate that nine thousand jobs would be created this year.