HARD DECISIONS MUST BE TAKEN - KING

LOBAMBA – “Hard decisions will have to be taken.”  These were the emphatic words of His Majesty King Mswati III as he laid out the agenda on how the country’s economy could recover.

He said it was imperative that government presented a fully financed budget to help contain the situation.
“In coming up with a fully-financed budget, hard decisions will have to be taken, sacrifices need to be made and unconventional methods to curb expenditure need to be pursued,” he said.

This was during the State Opening of the First Session of the 11th Parliament yesterday afternoon.
The King said the fully-financed budget would help contain the situation and as a result, it should be informed by the funds that were in the government purse.
“This, however, will require very stiff measures and concerted effort to curtail expenditure while vigorously exploring avenues through which government revenue can be enhanced.

Acknowledged

He acknowledged that the country continued to be faced with daunting fiscal and economic challenges as government revenues and expenditures were continuously moving in opposite directions while government expenditure continued to balloon.
The Head of State said the expansionary fiscal position had surpassed sustainable levels, resulting in the accumulation of arrears, increased depletion of reserves and constrained economic growth.

The King further stated that it was pleasing to note though that there was a projected increase in domestic collections by the Eswatini Revenue Authority in the 2019/2020 financial year.

Sufficient

“It is important to note that these will not be sufficient to offset the arrears accumulated over the years and it will also fail to meet government’s domestic financing for the fiscal year,” he said.  
He said the country also had to give credence to the sentiments expressed by the nation at Sibaya where all acts of corruption and malpractice were strongly castigated.

He mentioned that if the country was to make a meaningful turnaround to the economy there was need to fight, control and eliminate all forms of corruption with punitive measures to protect resources and restore financial stability.

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