Swaziland people pay E1 billion for absolute King’s upkeep, but it’s kept a secret

An independent magazine in Swaziland / eSwatini has reported that absolute monarch King Mswati III and his family were allocated E1 billion for their spending from the national budget in the past year, but this information has been kept secret from the public.

The Nation, a well-established monthly comment magazine, said this came at a time when the Finance Minister Neal Rijkenberg said the kingdom could not afford to pay public servants cost of living salary adjustments.

The Nation reported (March 2019) that expenditure on the King was controlled by the Swazi National Treasury (SNT). Although the Auditor General audits SNT accounts each year its report is not made public. The Nation reported, ‘Audited statements of the SNT were removed from the public eye in 1992 when then Minister of Finance, Barnabas Sibusiso Dlamini, was stung by numerous revelations of scandals of gross misuse of public funds by that institution.’

Dlamini went on to be appointed Prime Minister by King Mswati and held office for a total of 17 years.

Citing an SNT report, the Nation said the E1 billion was ‘the entire budget for the royal households’ allocated for the financial year 2018 – 2019. The sum compares to the E2 billion budgeted for health; E1.5 billion for Defence and E1.4 billion for Agriculture.

In Swaziland nearly seven in ten of the 1.2 million population live in abject poverty on incomes less than the equivalent of US$3 per day (about E43). 

Swaziland has been regularly criticised by the United States for not revealing full details of the budget to the people. The U.S. Department of State in its 2018 Fiscal Transparency Report reviewed the kingdom’s budget and concluded that while budget documents ‘provided a general picture of government revenues and expenditures, revenues from natural resources and land leases were not included in the budget. Expenditures to support the royal family were included in the budget but lacked specific detail and were not subject to the same oversight as the rest of the budget.’

In Swaziland King Mswati controls natural mineral rights. He holds 25 percent of mining royalties ‘in trust’ for the Swazi Nation. The government also takes 25 percent. The Fiscal Transparency Report stated, ‘Criteria and procedures for awarding natural resource extraction licenses and contracts were outlined in law, but the opacity [lack of clarity] of the procedures, which involve submitting applications for licenses directly to the King, cast doubt on whether the government actually followed the law in practice. 

‘Basic information on natural resource extraction awards was not always publicly available.’

The U.S releases annual reports on fiscal transparency for countries that receive its financial assistance to ‘help ensure U.S. taxpayer money is used appropriately’. It said Swaziland had shown no improvement in fiscal transparency since the previous report in 2017.

See also

Swaziland King prepares for lavish birthday celebrations, despite dire poverty in the kingdom

https://swazimedia.blogspot.com/2019/03/swaziland-king-prepares-for-lavish.html

 

No let up on poverty in Swaziland as absolute King makes public display of his vast wealth

http://www.swazilandhumanrightswatch.net/2019/03/no-let-up-on-poverty-in-swaziland-as.html

 

Swazi budget a tale of woes

https://swazimedia.blogspot.co.uk/2018/03/swazi-budget-tale-of-woes.html

Swaziland Govt wage bill chaos as Auditor General reveals error and fraud

In his budget speech Neal Rijkenberg the Finance Minister of Swaziland / eSwatini stated that public service salaries had risen by 125 percent in the past 10 years and he threatened to cut the kingdom’s wage bill. He said the kingdom could not afford to pay cost of living salary adjustments (CoLA).

Now, the Swaziland Auditor General (AG) Timothy Matsebula in his annual report has revealed that the government has no clear idea how much money it is legitimately paying out in salaries. Matsebula reported in the year ending March 2018 the government overpaid its workers by E6.2 million and a further E1.9 million was paid to ‘ghost employees’ – that is workers who do not exist.

He also said that it was impossible to tell how many ghost workers there were in schools across Swaziland.

The AG reported the overpayments were made across a number of government departments. 

The AG stated there was a total loss from public servants of E3.44 million and E15.74 million in the financial years 2017 and 2018 respectively. The figure for 2018 included more than E6 million in unrecovered loans made to civil servants. 

The AG stated, ‘These include salary payment of “ghost employees”, overpayment of salaries, non-staggering of salaries for employees on long-term study leave, unrecovered reimbursement of salary and training costs from officers who have abandoned official training, and unrecovered loans. The salary payment of “ghost employees” comprises of payment of salaries for people who have resigned or exited the public service, employees who have not been reporting for work and/or employees who were suspended for a lengthy period.’

The AG said financial controls were ‘weak’ and risked ‘embezzlement and fraud’. He added, ‘ghost-employees or fictitious employees are included in the payroll system and continue being paid for an extended period of time until they are uncovered or may remain uncovered until retirement age’.

The AG also reported that at schools across Swaziland teachers were not regularly signing registers when collecting their salary advice slips and ‘this poses a risk as it makes it hard to see the presence of “ghost” employee(s)’. This means the number of ghost workers in Swaziland is not known. 

This chaos in government is going on at the same time that Finance Minister is threatening to cut the public sector salary bill. In his budget speech in February 2019 Finance Minister Rijkenberg said, ‘Our growing wage bill is placing insurmountable pressure on our budget and Government has been under immense strain to pay salaries due to the cash flow crisis.’

He added, ‘Given the state of the economy, it is not prudent or possible to budget for a CoLA in 2019/20, as the country simply cannot afford it.’

He said paying the salary increase would contribute to the kingdom’s debts. If debt increased, he said, ‘we will have no option but to cut the wage bill’. He did not give details but it would mean either cuts in salaries or job losses (or both).

Rijkenberg made his bold statement without knowing what the true public sector wage bill is in Swaziland. 

AG Matsebula also reported the Swaziland Government finances were in such a mess that billions of emalangeni could not be accounted for. Government bank balances had been misstated by E1.3 billion. The amount of revenue collected in the kingdom was misstated by E1.35 billion. The amount of income tax and road toll collected was understated by E1.34 billion.

The amount of government financial liabilities was misstated by E13 billion. He stated this could be down to fraud or error.

The AG report is revealing the truth in Swaziland where King Mswati III rules as an absolute monarch and appoints members of the government and top public servants and where political parties are banned from taking part in elections. The kingdom is in chaos and nobody knows where the money is going. 

Public sector workers should not be blamed for the crisis.

Richard Rooney

See also

Billions unaccounted for in Swaziland Govt finances, Auditor General reports

https://swazimedia.blogspot.com/2019/03/billions-unaccounted-for-in-swaziland.html

 

Swaziland Finance Minister threatens public sector job cuts if workers don’t back his budget

https://swazimedia.blogspot.com/2019/03/swaziland-finance-minister-threatens.html

Gap between rich and poor in Swaziland continues to grow, Finance Minister reports

https://swazimedia.blogspot.com/2019/02/gap-between-rich-and-poor-in-swaziland.html 

Billions unaccounted for in Swaziland Govt finances, Auditor General reports

The finances of the Government of Swaziland / eSwatini are in such a mess that billions of emalangeni cannot be accounted for, the kingdom’s Auditor General (AG) reported.

In his annual report for the year ending March 2018, AG Timothy Matsebula stated government revenue, assets, and liabilities ‘were materially misstated’. He said in some cases it was impossible to reconcile government cash books with bank statements.

The AG report revealed government bank balances had been misstated by E1.3 billion. The amount of revenue collected in the kingdom was misstated by E1.35 billion. The amount of income tax and road toll collected was understated by E1.34 billion.

The amount of government financial liabilities was misstated by E13 billion.

The AG report demonstrates that the government which is handpicked by King Mswati III, sub-Saharan Africa’s last absolute monarch, does not have a clear idea how much money it has and how it is being spent.

The AG reported, ‘Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.’

On 27 February 2019 Finance Minister Neal Rijkenberg in his annual budget said Swaziland was broke. He said the kingdom faced ‘an unprecedented economic crisis’. Part of his solution was to not pay public servants cost of living wage increases. He also announced tax increases on electricity, tobacco and alcohol.  

He also said, ‘This budget seeks to ensure that your hard-earned taxes and our international partner’s financial support is spent in a sustainable, transparent manner for the betterment of our economy and future generations.’

He added, ‘All levels of Government will be held accountable for transparent, responsive communication and delivery on our responsibilities.’

The Auditor General report shows government finances are not transparent. The Finance Minister does not have the correct information about the kingdom’s actual revenues and expenditures. 

In his budget speech he said, ‘We are in trouble because we have not been balancing our books.’ A reading of the AG report suggests it is impossible to say one way or another whether the books in Swaziland balance.

This is not the first time the Swaziland Government has been exposed for losing control of the kingdom’s revenues and expenditures. In the previous annual report to March 2017 Acting Auditor General Muziwandile Dlamini said, ‘Bank balances were misstated by E7,528,772,278.72 due to non-reconciliation between the government cash books and bank statements. Some bank balances were overstated by E2,285,935,191.93 and other bank account balances were understated by E5,242,837,086.79 thus reflecting an incorrect cash flow position of the Government of Swaziland at year end.’

Richard Rooney

See also

Govt ministries broke law on spending

http://swazimedia.blogspot.co.uk/2018/03/govt-ministries-broke-law-on-spending.html

US$632 million error in govt accounts

https://swazimedia.blogspot.co.uk/2018/03/us632-million-error-in-govt-accounts.html

Not enough information on Swaziland budget made available to public, U.S. Govt reports

Swaziland /eSwatini should open up its national budget for greater scrutiny. It is not always clear how money is allocated, the latest review of ‘fiscal transparency’ in the kingdom, published by the United States Government reveals.

It says not all of the budget is subjected to audit and oversight. Spending by King Mswati III, the absolute monarch, and his royal family should be scrutinised.

The U.S. Department of State 2018 Fiscal Transparency Report reviewed the year 2017. It said that while budget documents ‘provided a general picture of government revenues and expenditures, revenues from natural resources and land leases were not included in the budget. Expenditures to support the royal family were included in the budget but lacked specific detail and were not subject to the same oversight as the rest of the budget.’

It added, ‘Information in the budget was considered generally reliable.’

In Swaziland King Mswati controls natural mineral rights. He holds 25 percent of mining royalties ‘in trust’ for the Swazi Nation. The government also takes 25 percent. The Fiscal Transparency Report stated, ‘Criteria and procedures for awarding natural resource extraction licenses and contracts were outlined in law, but the opacity [lack of clarity] of the procedures, which involve submitting applications for licenses directly to the King, cast doubt on whether the government actually followed the law in practice. 

‘Basic information on natural resource extraction awards was not always publicly available. 

‘eSwatini’s fiscal transparency would be improved by providing more detail on expenditures and revenues in the budget, particularly for off-budget accounts, natural resource revenues, land leases, and royal family expenditures; subjecting the entire budget to audit and oversight; demonstrating applicable laws are followed in practice for awarding natural resource extraction contracts and licenses; and making basic information on natural resource extraction awards publicly available.’

The United States releases annual reports on fiscal transparency for countries that receive U.S. assistance to ‘help ensure U.S. taxpayer money is used appropriately’. It said Swaziland had shown no improvement in fiscal transparency since the last report in 2017.

The United States is not alone in expressing concerns about the lack of information on Swaziland’s national budget.

In 2017 Swaziland received a score of three out of a possible total 100 for budget openness. It received zero points in a section on public participation as there were no opportunities for the public to engage in budget processes. The Transparency Open Budget Survey was produced by the International Budget Partnership (IBP). The 2017 report is the most recent available. 

In an 80-page report IBP revealed that the Swaziland members of parliament provided weak oversight of the budget. In Swaziland political parties are banned from taking part in elections and the Prime Minister, Cabinet and top judges and public servants are all chosen by the King.

IBP said the Swazi parliament was unable to discuss the budget properly because it was not provided with sufficient information. It said the government’s budget proposal should be available two months before the start of the budget year.

See also

Swaziland budget repeats failed economic policies of the past

https://swazimedia.blogspot.com/2019/03/swaziland-budget-repeats-failed.html

Swaziland Finance Minister threatens public sector job cuts if workers don’t back his budget

https://swazimedia.blogspot.com/2019/03/swaziland-finance-minister-threatens.html

Gap between rich and poor in Swaziland continues to grow, Finance Minister reports

https://swazimedia.blogspot.com/2019/02/gap-between-rich-and-poor-in-swaziland.html 

Swaziland Finance Minister threatens public sector job cuts if workers don’t back his budget

The Finance Minister of Swaziland / eSwatini Neal Rijkenberg threatened to cut public service jobs if the kingdom did not fall into line and accept his programme to cut debts. 

In his budget speech on Wednesday (27 February 2019) he also said there would be no cost of living (CoLA) pay increases for public servants. Public sector unions in the kingdom, ruled by King Mswati III, sub-Saharan Africa’s last absolute monarch, have been campaigning over the past months for a 6.5 percent increase.

Rijkenberg said the government was broke and could not afford salary increases. He said, ‘Our growing wage bill is placing insurmountable pressure on our budget and Government has been under immense strain to pay salaries due to the cash flow crisis. For wages and pensions, expenditure will increase from E8.2 billion in 2018/19 to E8.5 billion in 2019/20, this is despite the current hiring freeze. Given the state of the economy, it is not prudent or possible to budget for a CoLA in 2019/20, as the country simply cannot afford it.’

He said paying the salary increase would contribute to the kingdom’s debts. If debt increased, he said, ‘we will have no option but to cut the wage bill.’ He did not give details but it would mean either cuts in salaries or job losses (or both).

After Rijkenberg’s speech the Swaziland National Association of Teacher (SNAT) in a statement said, ‘it is an open secret that the ordinary people do not benefit from the country’s resources but the Royal Family is forever on the receiving end’.

SNAT stated, ‘It beats logic why Mr. Neal can say the country recorded an economic growth of about 1.7 percent in 2017 and still offers 0.00 percent as CoLA for Government employees.’

SNAT also criticised The E2.98 billion allocated in the budget for the army, police and prison services. These security forces in the past have attacked workers on legal demonstrations.

In September 2018 the Swazi Police were criticised by human rights groups when they attacked workers led by the Trades Union Congress of Swaziland (TUCOSWA) who were demonstrating in Manzini for CoLA, a national minimum wage of E3,500 (US$ 234.27) a month, and an increase in elderly grants (pensions) to E1,500. Police used teargas and stun-grenades. 

Videos and photographs of brutal police attacks were uploaded on social media.

Swaziland Human Rights Network UK in a statement at the time said, ‘The violent attack on peacefully demonstrating TUCOSWA members is reprehensible as it was a violation of their constitutional right to freedom of assembly and expression.’

It added, ‘The eSwatini government has turned the country into a violent police state where the security services have been turned into tools of suppression to protect the interests of not just the government but the regime of King Mswati III.’ 

SNAT said in its statement following the budget speech, ‘This means labour unions and other civil society organisations shall be silenced, violently so and no voices of dissent will be allowed. Citizens must keep quiet, toe the line and that equals to peace, money has been set aside to procure guns and all sorts of artillery for that exercise. This is what dictatorships are known for, world over.’

See also

Gap between rich and poor in Swaziland continues to grow, Finance Minister reports

https://swazimedia.blogspot.com/2019/02/gap-between-rich-and-poor-in-swaziland.html  

Widespread Condemnation of Swaziland Police Brutal Attacks on Workers

https://swazimedia.blogspot.com/2018/09/widespread-condemnation-of-swaziland.html

 

Swaziland public servants prepare for pay strike amid fears of renewed police violence against them

https://swazimedia.blogspot.com/2019/01/swaziland-public-servants-prepare-for.html

Gap between rich and poor in Swaziland continues to grow, Finance Minister reports

Swaziland / eSwatini is broke and ‘is facing an unprecedented economic crisis’, Finance Minister Neal Rijkenberg said on Wednesday (27 February 2019) when delivering the kingdom’s national budget.

The ‘economic outlook remains subdued’, he said. Foreign direct investment into the kingdom ruled by King Mswati III, sub-Saharan Africa’s last absolute monarch, is getting worse – with a contraction of 0.4 percent in Swaziland’s GDP for 2018.

‘The economy has stagnated and we are failing to attract investment as the gap between the rich and poor continues to grow,’ Rijkenberg said. He added that for too long, ‘this economic reality has not been addressed’.

He made no mention of the vast spending by King Mswati and his Royal Family who continue to spend lavishly. The King has 13 palaces and fleets of top-of-the-range Mercedes and BMW cars. He and members of his extensive Royal Family (he has had at least 15 wives) live opulent lifestyles and are often seen in public wearing watches and jewels worth hundreds of thousands of dollars.

The King wore a watch worth US$1.6 million and a suit beaded with diamonds weighing 6 kg, at his 50^th birthday party in April 2018. Days earlier, King Mswati took delivery of his second private jet aircraft that with upgrades was estimated to have cost US$30 million.

In recent years public hospitals have run out of vital medicines and schools have closed because supplies of food to feed children have run out. This is because the government failed to pay suppliers. 

In Swaziland, seven in ten of the estimated 1.3 million population live in abject poverty with incomes less than the equivalent of US$2 per day.

In his speech Rijkenberg said, ‘A key component of our crisis is Government’s growing wage bill – in the last ten years our wage bill has grown by 125 percent.’

He said receipts from the Southern African Customs Union (SACU) were declining. He said the Swaziland Government’s financial situation was ‘untenable, in the medium term’ as SACU receipts were expected to decline further.

Rijkenberg said in his speech, ‘We are in trouble because our private sector is too small and its growth is too slow. We are in trouble because we have not been balancing our books. We are in trouble because we have not developed a strong policy framework to address the needs of our people. We are in trouble because we have failed to leverage our natural resources, human capital and our strengths. 

‘We are in trouble because we have failed to adequately address corruption. We need a holistic, integrated approach that immediately and radically addresses these structural imbalances and failures - one that requires sacrifice, but that ultimately benefits every Liswati [Swazi person], especially the poorest and most vulnerable.’

He warned, ‘We have to grow our economy, create jobs, and attract investment. We have to educate our children, care for our sick and provide a social safety net for our most vulnerable citizens. We do not have the luxuries of time and infinite resources. We must act now and do so with what we have in our hands.’

He added, ‘Recent history has shown that spending our way out of an economic crisis is not the solution. It is clear that tough measures are required to achieve lasting prosperity. Meaningful growth will be achieved by enabling the private sector to lead and do what it does best, which includes growing our economy and creating employment. Government can no longer be the employer of choice in the Kingdom as it is today.’ 

Rijkenberg said, ‘Government will do its part to enact new policies and pass the required legislation to de-regulate and open the economy for business. This new, enabling environment will allow the private sector to take the lead, unlocking results like food security, accessible and affordable internet infrastructure, a renewable energy industry, increased tourism and full utilisation of our Special Economic Zones.’

See also

Swaziland health crisis getting worse as budgets cut. Rural areas most affected

https://swazimedia.blogspot.com/2019/02/swaziland-health-crisis-getting-worse.html

 

Swaziland’s national economic recovery plan is nothing but a wish list

https://swazimedia.blogspot.com/2019/02/swazilands-national-economic-recovery.html

Swaziland’s national economic recovery plan is nothing but a wish list

The Government of Swaziland / eSwatini is working on a five-year strategic plan to save the kingdom’s economy, but the details recently unofficially circulated on social media show it is no more than a wish-list with little detail of how change can be achieved.

The plan is officially called the Strategic Road Map 2018 – 2023 and version three is currently doing the rounds. Its ‘vision’ is to allow Swaziland to ‘attain first world status by year 2022’. To achieve this the road map sets out a number of ‘short-term interventions’ for economic recovery.

The plan consists only of a list of bullet points. No detail about how the plan is to be implemented is given. Among the wish list are:

• Increase in taxes by 25 percent;
• Increase speeding and court fines 100 percent;
• Increase casino levies by 10 percent;
• Increase fuel taxes by E1.20;
• Introduce capital gains tax;
• Increase ‘company tax’ rates in the banking sector to 30 percent (it also says elsewhere to reduce ‘corporate taxes’ to 12.5 percent);
• Increase minimum taxable income from E41,001 to E50,001 and introduce a 39 percent marginal tax rate on incomes above E400,000. [It should be noted that it is estimated that seven in ten of Swaziland’s 1.2 million population have incomes less than the equivalent of US$2 per day or about E9,100 a year.]

Swaziland’s economy has been in freefall for years. The 2018 – 2023 road map is not the first of its kind to be produced by Swazi governments. In 2012 the International Monetary Fund (IMF) abandoned its support for the then-government’s Fiscal Adjustment Roadmap (FAR), a plan for recovery that included getting more revenue through taxes and reducing the public sector wage bill.

In 2012 the government owed E1.2 billion to creditors (that figure had grown to E3.1bn – about US$230 million – in 2018.)

The Swazi Government drew up the plan and was aided by the IMF in its implementation through a procedure known as the staff-monitored programme. 

But, even though the FAR was the work of the Swazi government and was completely under its control, the government failed to implement it.

Central to the plan was to reduce the public sector wage bill – that of teachers, nurses and other civil servants – by 10 percent. The government planned to cut 7,000 public servants’ jobs. This it failed to do.

The government did force through 10 percent salary reductions for politicians, but in March 2012 MPs voted to have their pay restored because they said it was unfair that they were the only public sector workers to have taken the cut. 

In April 2012 Joannes Mongardini, head of the IMF mission to Swaziland, confirmed that it was no longer working with Swaziland on the programme because the Swazi Government could not come up with ‘a credible reform programme’.

At the state opening of parliament on Friday (8 February 2019), King Mswati III, the absolute monarch of Swaziland, said his government would ‘unveil the entire strategic road map in due course, for the nation to be well versed and be able to monitor its progress continuously’.

Richard Rooney

The Strategic Road Map 2018 – 2023 is available here

https://www.scribd.com/document/399239271/Swaziland-Kingdom-of-Eswatini-Strategic-Road-Map-2018-to-2023-Draft

 

Swaziland’s claim to be close to reaching ‘first world’ status far from reality

https://swazimedia.blogspot.com/2018/07/swazilands-claim-to-be-close-to.html

Swaziland absolute king calls for stiff public spending cuts but is not making personal sacrifice

King Mswati III, the absolute monarch of Swaziland /eSwatini, has demanded severe public spending cuts across his impoverished kingdom.

But, the King who wore a watch worth US$1.6 million and a suit of diamonds weighing kg 6 at his 50^th birthday celebrations last year shows little sign of making any personal sacrifice. Days before the celebration he had taken delivery of his second private jet. This one, an Airbus A340, cost US$13.2 to purchase but with VIP upgrades was estimated to have cost US$30 million.

Meanwhile, seven in 10 of the estimated 1.2 population of Swaziland live in abject poverty on income less than the  equivalent of US$2 per day (about E25).

The King has 13 palaces and fleets of top-of-the-range Mercedes and BMW cars. He and members of his extensive Royal Family (he has had at least 15 wives) live opulent lifestyles and are often seen in public wearing watches and jewels worth hundreds of thousands of dollars.

The King made his call for cuts at the annual opening of the Swazi Parliament on Friday (8 February 2019). He said the kingdom’s spending had ‘surpassed sustainable levels’ and government debts were increasing. The countries financial reserves were falling and there was little economic growth. He warned that taxes collected in Swaziland would not be enough to pay the bills.

King Mswati said there needed to be ‘very stiff measures and concerted effort’ to cut expenditure. He added, ‘hard decisions will have to be taken, sacrifices need to be made and unconventional methods of reducing expenditure need to be pursued’. He did not say what these ‘unconventional methods’ might be.

In his budget speech in March 2018 Finance Minister Martin Dlamini said Government owed E3.1bn (US$230 million) in total to its suppliers for goods and services. 

Swaziland has been in financial meltdown for many years under a succession of governments handpicked by King Mswati. He chooses the Prime Minister and cabinet ministers; political parties are banned in Swaziland and cannot take part in elections. Across Swaziland at present some schools are closed and public hospitals and clinics have run out of food and vital medicines because the government has failed to pay suppliers.

The King’s demand for others to make sacrifices is not new. He has made similar calls at the opening of parliament in recent years. However, he and the Royal Family have failed to make any sacrifices of their own.

The extent of the King’s wealth is a closely-guarded secret. However, in 2009 Forbes magazine estimated that the King himself had a personal net fortune worth US$200 million. Forbes also said King Mswati was the beneficiary of two funds created by his father Sobhuza II in trust for the Swazi nation. During his reign, he has absolute discretion over use of the income. The trust has been estimated to be worth US$10 billion.  

In August 2014 the Sunday Times newspaper in South Africa reported King Mswati personally received millions of dollars from international companies such as phone giant MTN; sugar conglomerates Illovo and Remgro; Sun International hotels and beverages firm SAB Millerto. He continues to receive money from these sources.

The King receives income each year from Tibiyo Taka Ngwane, which is a an investment fund with extensive shares in a number of businesses, industries, property developments and tourism facilities in Swaziland.

The King is the sole trustee of Tibiyo. Neither the King nor Tibiyo pay tax.

Money generated by Tibiyo is meant to be used for the benefit of the nation, Tibiyo in fact channels money directly to the Royal Family. A report from the United States State Department in 2016 said, ‘Tibiyo is run as a private equity investment fund for the benefit of the King and the royal family.

It added, ‘This fund is not subject to government or parliamentary oversight.’ 

According to the Tibiyo 2016 annual report it held assets worth E1.8 billion.

Richard Rooney

See also

King breaks promise on restraint

https://swazimedia.blogspot.com/2013/03/king-breaks-promise-on-restraint.html

No sacrifice from King Mswati

http://swazimedia.blogspot.com/2012/07/no-sacrifice-from-king-mswati.html

 

IMF calls for sacrifice from King

http://swazimedia.blogspot.com/2011/11/imf-calls-for-sacrifice-from-king.html

 

EU money pays for lavish Swazi King

https://swazimedia.blogspot.com/2018/05/eu-money-pays-for-lavish-swazi-king.html

Will Swazi King cut his spending?

https://swazimedia.blogspot.com/2016/02/will-swazi-king-cut-his-spending.html

 

Swazi King and queens of bling

https://swazimedia.blogspot.com/2018/05/swazi-king-and-queens-of-bling.html