Delivered by Minister of Finance Neal Rijkenberg on 27 February 2026, Eswatini’s Budget Speech set a tone of cautious optimism. With global conflicts reshaping trade and inflation patterns, the Minister emphasized fiscal discipline, infrastructure expansion, and social resilience as the pillars of national stability.
A Record Budget for a Resilient Economy
The government announced a record E36.92 billion national budget for the 2026/27 fiscal year — a significant increase from E32.61 billion in 2025/26. Despite global headwinds, the Minister projected a 4.9% fiscal deficit, signaling continued investment in growth‑oriented sectors while maintaining fiscal prudence.
Revenue is expected to reach E31.90 billion, largely driven by tax collection and SACU transfers, while E29.14 billion is allocated to recurrent expenditure and E7.78 billion to capital projects.
Strategic Priorities
- Fiscal Discipline and Transparency
The expansion of the Integrated Financial Management and Information System (IFMIS – Umsebe) will strengthen accountability and streamline public‑sector operations. Procurement reforms aim to curb inefficiencies and ensure value for money.
2. Infrastructure Development
Major projects include the completion of the International Convention Centre (ICC) and upgrades to the Central Medical Stores (CMS). Road networks and energy reliability remain top priorities to support trade, tourism, and industrial growth.
3. Social Protection and Employment
The budget reinforces youth‑employment programs, SME financing, and social‑safety nets to cushion low‑income households from rising living costs. The Minister reaffirmed the government’s commitment to “protecting the most vulnerable while empowering the productive.”
4. Economic Diversification
With SACU revenues under pressure, Eswatini is accelerating diversification through agriculture, manufacturing, and digital innovation. Export competitiveness and private‑sector partnerships are central to this transformation.
Navigating Global Challenges
Minister Rijkenberg acknowledged that global war tensions and energy price volatility pose risks to Eswatini’s growth trajectory. Yet, he expressed confidence that prudent fiscal management and local entrepreneurship will sustain momentum. “Our resilience lies not in isolation, but in adaptation,” he stated.
Conclusion
The 2026 Budget Speech reflects a nation determined to balance ambition with realism. By investing in infrastructure, governance, and social protection, Eswatini positions itself to weather global storms while nurturing long‑term prosperity.
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