Statement delivered by H.E. Neal Rijkenberg, Minister of Finance, Eswatini
V20 MINISTERIAL DIALOGUE XII
16 April 2024
Washington D.C., USA
H.E. Neal Rijkenberg, Minister of Finance, Eswatini
Excellencies, ladies and gentlemen, Eswatini is delighted to address this gathering of the V20 Finance Ministers. Thank you, V20 Chair, Minister Mohammed Amin Adam. We are proud of the African leadership of this forum and the setting up of the CVF V20 Headquarters in Accra, Ghana.
Eswatini faces multiple development challenges to ensure inclusive, sustainable and resilient economic growth. Central amongst these is Eswatini’s unsustainable public sector-driven growth model, which has trapped the country in a low growth and high poverty and inequality equilibrium, and crowded out investments in productive sectors and private sector development. We’ve been working hard to correct this and have reduced our fiscal deficit to below 2 percent and stabilized our debt at about 40 percent to GDP. Our GDP growth numbers are now starting to improve. In terms of climate risk, Eswatini is at risk of hydrometeorological hazards and [other] natural hazards, which primarily affect the agriculture sector through seasonal flooding, and periods of drought. The country experiences natural hazards such as violent storms, epidemic diseases, floods, and forest fires. Consequently, Eswatini updated national climate change commitment, which adopts a multi-sectoral approach to green development and climate resilience. The targets are aligned with the Sustainable Development Goals, the Sendai Framework and Eswatini’s National Development Plan.
Eswatini subscribes to the climate prosperity vision of the V20 for the fundamental reason. The Climate Prosperity Plans or CPPs enable progress on social economic development by focusing climate action. We are not choosing one above the other. We look forward to greater South-South economic trade cooperation between Asia, the Pacific, Africa, the Caribbean, and Latin America in order to invest in green industrialization opportunities with high-quality, fully climate adapted, correctly priced, and on-time delivery of climate resilient development projects for more job creation and revenue generation.
We urge the MDP or MDBs to create concessional windows for adaptation and resilience, just so that we can lock in our development against. We also call for efficiency in administration of Loss and Damage Funds, and emphasize the need for prearranged finance to address climate risks.
Thank you Chair for the opportunity to address this esteemed gathering and we look forward to the V20 leadership in elevating our voice as climate vulnerable countries.
Thank you.
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