The African Development Bank (AfDB) conveys renewed support for the development of the Kingdom of Eswatini with a grant of E3.6 million to improve the management and performance of SOEs.
By Avite Mbabazi
The Ministry of Finance, with the support of the African Development Bank (AfDB), today launched the State Owned Enterprises (SOE) Reforms Project to streamline public enterprises.
The Kingdom of Eswatini will receive a E3.6 million ($ 200 000) Middle-Income Country Technical Assistance Fund (MIC TAF) grant from the African Development Bank (AfDB) with the objective of contributing to the government of Eswatini’s fiscal consolidation efforts to improve the performance and governance of State Owned Enterprise(SOEs).
During the launch of the State Owned Enterprises Reforms Project at the ministry’s offices, the acting Principal Secretary of the Ministry of Finance Busangani Mkhakiphi noted that the restructuring of public enterprises provides a golden opportunity to position public enterprises as role models for public service delivery. She said the government will use them to drive value and wealth creation rooted in sustainability, good governance, innovation, and organizational resilience.
To that effect, Mkhaliphi declared that the government of Eswatini welcomes the financial and technical support provided by the African Development Bank (AfDB) to help Eswatini implement the reforms which will restore financial stability and improve the fiscal space to enable the facilitation of private sector development and the provision of public services.
Speaking on behalf of the AfDB during the launch was Country Designate and Eswatini Senior Country Economist Mr. Bothwell Nyajena who noted that the AfBD was aware of the progress that the government of Eswatini had made in the process of restructuring public enterprises. “We have been informed that following the approval of the findings and recommendations of the study (to rationalize and streamline the performance of public enterprises) the Work Plan for the Implementation of reforms has been updated and prioritized,” Nyajena remarked.
Nyajena went on to commend the government of Eswatini for the strong commitment it has made to the implementation of strategic, economic, and governance reforms in recent years, notably for Public Finance Management and fiscal consolidation.
“I wish to convey the AfDB’s renewed commitment to assist in the development of the Kingdom of Eswatini through investment operations, policy dialogue, and technical Assistance,” Nyajena concluded.
The main objectives of the project will include: reviewing the relevant laws and policies for State Owned Enterprise governance; improving the legal and regulatory framework for SOEs; and improving the management and performance of SOEs so as to increase accountability, competitiveness, and efficiency.
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