10 Apr 2013

The Southern African Customs Union average Gross Domestic Product (GDP) growth, which is projected at 3.4 per cent in 2013, indicates resilience in economies of member states.

SACU chairperson, Mr Kenneth Matambo, also Minister of Finance and Development Planning said this when officiating at the 29th meeting of the SACU council of ministers.

Minister Matambo said whilst the positive growth was not sufficient, it was important for member states to exercise caution and resist the temptation to expand expenditure in the management of fiscal policy. "There is indeed recognition that high and inclusive growth is a necessary condition for fully addressing the challenges that confront us.”

Minister Matambo said he noted with interest that infrastructure development had been prioritised in all the member states budgets speeches for the 2013/14 financial year, which were presented at the 2012 council meeting.

He said this would certainly stimulate economic growth and help address the unemployment problem faced by the region. "It is my hope that coordination of our policies at the regional level will yield beneficial results in areas of mutual interest,” he said.

The minister’s council would on Friday present their report to the heads of state and thus Minister Matambo urged the council to reflect the totality of the work that it had undertaken.

He highlighted that the report should include, among others, the progress made in facilitating trade since the trade facilitation programme was adopted as well as the progress made on the amendments to the 2002 SACU agreement to institutionalise the summit.

Other items that would be reflected in the report, Mr Matambo said, were the progress made on the review of the revenue sharing arrangements and the progress made in the formulation of the industrial development policy.

He urged the council to also indicate on the report delays that had occurred so that the summit could direct accordingly and give further impetus to the execution of the council’s work. ENDS