(By B.Benard, Feb.13, 2016): His Majesty King Mswati III has called for insurance companies to place the 30 percent asset holding to the Kingdom in order to encourage domestic investment from monies
generated from these companies. His Majesty implored all Swazis to work hand in hand in improving the country’s current economic situation, stating that we should actually double our efforts in making sure the economy is improved.
Speaking when delivering his Speech from throne at the State Opening of the 3rd Session of the 10th Parliament yesterday, His majesty King Mswati III said the high inflation rate indicated an increase in the 2014/15 fiscal year with 4.7 percent in 2014 to 5.7 percent in 2015.
“The local currency was affected following the massive loss against major currencies due to the rand’s behavior as we are pegged with it, while we rely on the medium term growth development on exports and agreements we have with European countries, the SACU revenues fell to E6.9 billion for the year 2015/16 and this calls for us to tighten our belts since we will experience the same in the 2016/17 financial year, let us prepare ourselves for this,” His Majesty said.