Eswatini budgets for change
Eswatini’s new finance minister is trying to put the country on a new economic path. He may meet resistance along the way
Eswatini finance minister Neal Rijkenberg didn’t mince his words when he delivered his maiden budget late last month. “Eswatini is facing an unprecedented economic crisis,” he told a packed parliament. Indeed, the picture isn’t pretty. Preliminary estimates indicate that the economy, which is dominated by sugar, timber and agriculture, shrank by 0.4% in 2018. There was also a net decline in foreign direct investment — a years-long trend. Rijkenberg is arguably the best person to turn things around. The entrepreneur, appointed by King Mswati III in November, has grown Montigny – the business he founded with his brother in 1997 – into the largest privately held timber company in Southern Africa, with annual revenue above R1bn. He hopes the 22.97-billion emalangeni (about R23bn) 2019/2020 budget will be the first step towards “wealth creation and distribution, the promotion of a free-market economy and ensuring we have the appropriate balance between government and the private sector”....
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.