• #111 (no title)
  • About Us
  • Contact Us
  • COVID-19 Coronavirus Global Data
  • Home 3
  • Job Dashboard
  • Jobs
  • Log In
  • Post a Job
  • Privacy Policy
  • Privacy Policy
  • Reset Password
  • Sign Up
  • Tenders
  • test
Friday, June 2, 2023
Independent News
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf
No Result
View All Result
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf
No Result
View All Result
Independent News
No Result
View All Result
Home Business

Neal expects IMF response this week

Vusi Ndlangamandla by Vusi Ndlangamandla
August 3, 2020
in Business, Economy
3 min read
0
SRA’s revenue collection target falls 19% as COVID-19 bites

Minister of Finance Neal Rijkenberg

Mbabane: The Ministry of Finance has already submitted an official request for budget support to the International Monetary Fund (IMF) for an E3.1 billion loan to cushion the budget and help balance payment needs created by the Covid-19 pandemic, and expects a response before the end of this week.

Ministry of Finance Communications Officer, Setsabile Dlamini, mentioned that the request is motivated by the MoF and is supported by the Planning and Budgeting Committee (PBC). It was presented to the IMF Board last week. The IMF gives out the loans to countries affected by the pandemic under the Rapid Financing Instrument (RFI) purchase window.

In excess, the country needs over E3 billion to assist in balancing payment needs created by the pandemic. The Minister of Finance Neal Rijkenberg last week presented a report on the country’s application amounting to E1.6 billion (US$107 million under the IMF’s RFI. He said the World Bank and the African Development Bank have also been engaged to solicit additional budget support to ensure that the Medium Term Fiscal Framework (MTFF) does not have any financing gap.  The requested funds amounted to E1.5 billion (US$100 million) totaling to over E3.1 billion (US$207 million). Rijkenberg said the scourge of the COVID-19 pandemic has severely affected Eswatini’s economy, exacerbating pre-existing economic challenges and hindering government’s efforts to preserve fiscal sustainability and support recovery from previous shocks, adding that the measures adopted to contain the pandemic and declining export demand, have led to a significant contraction in economic activity.

As of today Eswatini stands at 2, 775 Covid-19 confirmed cases, 1, 214 recoveries and 43 deaths.

The minister mentioned that being in close proximity to the Republic of South Africa, the most impacted in the region, has exacerbated risks of infection.

As of today South Africa stands at 511, 485 Covid-19 confirmed cases, 347, 227 recoveries and 8, 366, while the current county’s population is 59, 373, 395 of Monday, August 3, 2020, based on Worldmeter elaboration of the latest United Nations data.

Recession

Speaking at a press conference in Cabinet last week the Minister of Finance said the technical recession has severely affected domestic revenue, which is expected to fall short of the budget target by 2.6 per cent of GDP.  Moreover, to mitigate the impact of the pandemic, the government has put in place a response package at the cost of about 1.5 per cent of GDP, said the minister. 

He pointed out the package included additional health spending, ramped up food assistance programmes, increased social protection transfers and improved access to water and sanitation facilities for the vulnerable.

He said to accommodate this additional expenditure, additional resources have had to be mobilized, which would have worsened government’s fiscal position, which had already been in a precarious state prior to the emergence of the scourge. He added that due to the limited space therefore, a non-expansionary supplementary budget for Financial Year 2020/21 has been presented to Parliament to accommodate the additional pandemic-related spending within the existing overall budget ceiling by curtailing spending authorization for capital outlays, selected operating expenses, including transfers to public entities, and limiting hiring plans.

“Despite this prudent approach, given the reduction in GDP, the fiscal deficit was projected to widen to about 8.5 per cent of GDP, compared to 4.7 per cent targeted in the 2020 budget and gross financing needs projected to approach 25.8 per cent of GDP,” said the minister.

Rijkenberg mentioned that government also had  plans to mobilize additional revenues through broadening tax base, increasing the upper ceiling of personal tax while giving relief to the lower end, follow the Republic of South Africa if they increase VAT, enhance tax administration, while delaying plans that would reduce corporate income tax collected.

He stated that government was also stepping up efforts to strengthen governance and intensify the fight against corruption, adding that to ensure transparency and accountability on the use of COVID-related resources, government has also put in place measures and conditions for budget tracking, reporting and publishing of all COVID-related procurement and spending.

Share3Tweet2Share1
ADVERTISEMENT
Previous Post

Eswatini records 147 new cases, the highest daily surge yet

Next Post

Old mutual donates E10, 000 to Lockdown Eswatini Gospel Music Awards

Vusi Ndlangamandla

Vusi Ndlangamandla

Related Posts

TUCOSWA reported Eswatini for banning Trade unions gatherings
Local News

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest
Community News

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.
Business

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
Next Post
Old Mutual Eswatini

Old mutual donates E10, 000 to Lockdown Eswatini Gospel Music Awards

Discussion about this post

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
Ministers Phila Buthelezi and Harries Bulunga pose with stakeholders during the official opening of the 2023 Eswatini Career Expo.

Eswatini Career Expo 2023 promotes skills, entrepreneurship for inclusive economic growth

May 18, 2023
MP Bacede Mabuza arrested for allegedly forging SRA tax clearance certificate

MP Bacede Mabuza arrested for allegedly forging SRA tax clearance certificate

August 5, 2020
Ncaza’s to give evidence in Sipho Shongwe murder trial

‘Ncaza’ watches his footage killing Victor

February 15, 2022
TUCOSWA reported Eswatini for banning Trade unions gatherings

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
Standard bank leads in financing green energy projects

Standard bank leads in financing green energy projects

May 25, 2023
ADVERTISEMENT

PressReleases

Jehovah’s Witnesses ‘pursuing peace’ amid rising global tensions
Press Releases

Jehovah’s Witnesses ‘pursuing peace’ amid rising global tensions

August 10, 2022

Amid global tensions that dominate public attention, Jehovah’s Witnesses have been united with millions of others around the globe for...

Read more
New Scenarios on Global Food Security based on Russia-Ukraine Conflict

New Scenarios on Global Food Security based on Russia-Ukraine Conflict

March 21, 2022
MTN donates US$25 million to the African Union’s COVID-19 vaccination programme

AFRICA BRAND AWARDS: MTN named most helpful private sector brand during the pandemic

May 28, 2021
Close to 1 000 people to benefit in MTN, NAMBoard, SEL CSI projects

NAMBoard’s bid to improve stakeholder engagement programs

May 27, 2021

Stay Connected test

  • 13.6k Fans
  • 5.1k Subscribers

Recent News

TUCOSWA reported Eswatini for banning Trade unions gatherings

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
Standard bank leads in financing green energy projects

Standard bank leads in financing green energy projects

May 25, 2023


ADVERTISEMENT
Independent News

Independent News Eswatini is a registered private media house in Eswatini established in 2007 and is based in Mbabane. We are the fastest growing weekly news publication in Eswatini that seeks to publish, investigative stories that give insight and play the watchdog media role in government politics, uncovering corruption, giving business insights, technology and economic outlook in Eswatini.

Follow Us

Browse by Category

Recent News

TUCOSWA reported Eswatini for banning Trade unions gatherings

TUCOSWA reported Eswatini for banning Trade unions gatherings

May 30, 2023
Eswatini failed business effected by Political unrest

Eswatini failed business effected by Political unrest

May 29, 2023
His Majesty King Mswati III making his remarks during the launch and sod cutting of selected business projects at Malkerns Square.

King Mswati III Prioritizes Business Protection for Economic Growth and Job Creation in Eswatini

May 27, 2023
  • About Us
  • Advertise
  • Privacy Policy
  • Contact Us

© 2020 Independent News - All Rights Reserved

No Result
View All Result
  • Home
  • COVID-19
    • COVID-19 Global Data
  • News
    • Local
    • South Africa
    • Africa
    • World
  • Business
    • Economy
    • Markets
    • Finance
    • Businesses
    • World Economy
  • Technology
  • Travel
    • Travel News
    • Hotels
    • Domestic Tourism
    • Health
    • Home and Garden
    • Motoring
    • Travel Tips
  • Entertainment
    • Local
    • Upcoming Events
    • International
    • Celebrity News
    • What’s On
    • Music
    • Movies
  • Tenders
  • Sports
    • Local Sports
    • Legend Corner
    • International Sports
    • Soccer
    • Rugby
    • Cricket
    • Tennis
    • Boxing
    • Cycling
    • Golf

© 2020 Independent News - All Rights Reserved

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In