BY MBONGENI NDLELA
LOBAMBA – Eswatini’s economic outlook received a significant boost following an upgrade in the country’s credit rating by Moody’s from B3 to B2 with a positive outlook.
His Majesty King Mswati III highlighted this achievement during the opening of the 2nd Session of the 12th Parliament, emphasizing its importance in fostering investor confidence.
The improved credit rating was attributed to economic and institutional reforms, financial stability, fiscal consolidation, and disciplined monetary policies.
“Our improved rating reflects the strong policies we have put in place to ensure our financial future is secure,” the King said.
The rating upgrade is expected to enhance the country’s ability to attract foreign direct investment, as it signals economic stability and responsible financial management. Key contributing factors include the prudent management of the Revenue Stabilization Fund and sound policy advice from the Central Bank of Eswatini.
Additionally, the launch of the National Payment Switch Project is set to modernize Eswatini’s financial sector by improving the efficiency of electronic transactions and promoting financial inclusion.
The King urged banks and financial institutions to support development initiatives and prioritize investment in local businesses.
While the credit rating upgrade is a major milestone, the King cautioned that economic sustainability requires continuous effort. He encouraged lawmakers and policymakers to maintain financial discipline, strengthen revenue streams, and reduce dependency on SACU receipts.
With this positive economic footing, Eswatini is well-positioned to advance its developmental agenda, providing more opportunities for growth and prosperity.
