World Bank Manager Macroeconomics for Southern Africa John Panzer said only Swazis must take a decision on the current financial crisis and international partners must advise where possible.
He said the decision and stand of the population was what mattered.
Panzer was speaking during a seminar hosted by the Economic Recovery Strategy and the World Bank at Mountain Inn yesterday. It was themed ‘Restoring Swaziland Pathway to Growth: Stronger Push on Trade and Investment-friendly Reforms Needed’.
Minister of Economic Planning and Development Prince Hlangusemphi said the solution to the country’s economic crisis must be found by locals only with the assistance of international and regional partners. He said such partners must assist and not impose.
“We cannot work on the situation if people impose. Recommendations and outcomes of this meeting will be implemented accordingly. One of the missions we have embarked on as a country is to work on the current economic situation,” he said before a panel of World Bank and International Monetary Fund (IMF) representatives.
He said considering the country’s ailing economy, there would be need for openness to get more solutions so as to move forward. The minister said the country must embrace the World Bank’s assistance.
Swaziland boasts of a supportive business environment as people have access to finance which brings it at par with South Africa, says World Bank Senior Communications Officer Sarwat Hussain.
In a press release issued on a seminar held yesterday at the Mountain Inn organised by the bank and Economic Recovery Strategy committee, World Bank Senior Communications Officer Sarwat Hussain noted that other backbone business services were generally of a high standard in the country.
He said the primary purpose of the meeting was to present, share and discuss early results of the latest analytical work conducted by the World Bank with a view to informing policy-making.
Hussain said a policy note covering main topics of the seminar would be finalised based on inputs received and presented to government.
“At the seminar, the discussion centred around the opportunities that exist for Swaziland to build on its latent sources of comparative advantage, making it attractive as a investment destination of choice. These include education, labour costs and relations, sound infrastructure as well as supportive business environment,” he said.
He said at the seminar it was noted that Swaziland was part of a rich market in the Southern African Customs Union (SACU) and had a degree of economic sophistication as well as diversification that could connect to the South African economy.