MBABANE – Prime Minister Russell Mmiso Dlamini has called for financing arrangements that support productive investment, create jobs for emaSwati and generate sustainable returns for Eswatini.
Dlamini made the call during a courtesy meeting with a delegation from the OPEC Fund for International Development, led by its President, Dr Abdulhamid Alkhalifa, at the Private and Cabinet Office.
The meeting was attended by Minister of Finance Neal Rijkenberg, Minister of Agriculture Mandla Tshawuka and senior government officials. 
Discussions focused on the OPEC Fund’s support to Eswatini since 2007. The partnership has largely involved technical assistance and budget support, with the latest engagement centred on expanding cooperation, particularly in agriculture.
Dr Alkhalifa said the OPEC Fund valued its longstanding relationship with Eswatini and saw an opportunity to broaden cooperation in areas that could support the Kingdom’s development priorities.
Dlamini expressed appreciation for the Fund’s support for Eswatini’s mega projects. He said government was working to change its approach to borrowing by directing loans towards investment and economic growth rather than using them mainly for budget support.
The Prime Minister said Eswatini needed financing models that could stimulate economic activity, create employment for emaSwati and deliver sustainable economic benefits.
He said any borrowing undertaken by government should contribute directly to productive investment and the long-term development of the local economy.
Dlamini also raised concerns about some international financing arrangements and procurement processes, saying they were not always sufficiently aligned with the objectives behind Eswatini’s borrowing.
He said some arrangements resulted in substantial benefits accruing to foreign companies, while local businesses and emaSwati received limited economic opportunities.
Dr Alkhalifa assured the Prime Minister that the OPEC Fund’s approach was aligned with Eswatini’s vision of borrowing for growth and productive investment.
He said the Fund’s procurement policies were flexible and designed to protect the interests of countries in which it invests.
The policies also allow for approaches that support local participation and maximise the developmental impact of the Fund’s financing.
The OPEC Fund President’s visit follows an audience with His Majesty King Mswati III a day earlier.
The King received Dr Alkhalifa during his visit to Eswatini, which is intended to strengthen cooperation and build on the longstanding relationship between the Kingdom and the OPEC Fund.
