Mbabane – Eswatini’s SACU Stabilisation Fund is expected to grow to about E2 billion by the end of the current financial year as customs revenue receipts continue to perform better than anticipated.
Minister of Finance Neal Rijkenberg said the country is receiving E11.7 billion from the Southern African Customs Union (SACU) this year, exceeding the E11.4 billion that had been budgeted.
The additional revenue means that approximately E350 million will be channelled into the SACU Stabilisation Fund during the current financial year.
According to the minister, the fund started the year with E1.5 billion and is expected to approach E2 billion once the latest contribution and interest earnings are added.
Rijkenberg was speaking ahead of a SACU summit scheduled to take place in Cape Town next week, where Eswatini will be represented. His Majesty King Mswati III is also expected to attend the summit.
The minister said relations among SACU member states remain positive and that revenue projections for Eswatini continue to show improvement.
He noted that the country’s share of SACU receipts has been increasing gradually and is expected to continue rising in the coming years.
Rijkenberg said the additional revenue would assist the government in financing development programmes and public services.
He also appealed to emaSwati travelling to neighbouring countries to declare goods purchased outside Eswatini when crossing border posts.
According to the minister, declarations enable the government to claim value-added tax and customs revenue associated with goods imported into the country.
He said failure to declare purchases results in lost revenue that could otherwise support service delivery, including schools, hospitals, roads and other public services.
Rijkenberg said every declaration contributes to the country’s revenue collection efforts and assists the government in maintaining funding for key programmes.
The minister called on travellers to continue complying with customs requirements to ensure Eswatini receives the revenue to which it is entitled through SACU arrangements.
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