The Southern African Development Community (SADC) Secretariat has recorded a healthy operating surplus of US$11.8 million approximately E160 million for 2015/2016 financial year.

The good news was revealed by the SADC Director for Budget and Finance Clement Kanyama yesterday.

This was during the start of the 36th Ordinary SADC summit hosted by the country. The SADC financial standing means His Majesty King Mswati III, who will assume chairmanship of the organisation will inherit a healthy organisation.

Kanyama said the recorded surplus showed an increase from 2014/2015 financial year, as the SADC Secretariat recorded E139 million (US$10.3 million). 

Kanyama said 2015/2016 revenue was E1 trillion (US$78.6 million) and it was made up of E700 million (US$51.6 million), from Member States and E370 million (US$27 million) from grants, which were recognised as contributions based on the SADC Secretariat compliance with condition, as specified in each financing agreement.

“The total expenditure was E900 million (US$66.8 million) and total assets under the control of SADC Secretariat of E1.4 billion (US$101.1 million),” he said.

He further said the 2015/16 financial year was the first year for SADC to operationalise the RISDP, which was revised was the summit in April 2015. “The revised RISDP has front loaded implementation of industrialisation programmes and related actions to enable member states to benefit fully from the SADC Free Trade Area,” he said.

Kanyama further revealed that for 2016/2017 financial year, the SADC Secretariat budgets provided E580 million (US$42.578 million) from member states funds and E450 million (US$32.990 million) from grants as availed by International Cooperation Partners.

“The SADC Council of Ministers will also consider proposals for revision of 2016/2017 budget of the SADC Secretariat. The 2016/2017 SADC Secretariat Budget and detailed activity plans continue to implement programmes, projects and action derived from the RISDP and Strategic Indicative Plan for the Organ (SIPO),” he said.

Programmes

He said programmes under implementation included coordination of SIPO interventions in the area of politics, defence and security cooperation. It also includes programmes, projects and actions aimed at consolidation of SADC Free Trade Area within the Community and enabling infrastructure.

“The Regional Industrialisation Strategy and Roadmap for 2015-2063 has been developed. Implementation processes are now underway and the operationalisation of the Regional Agricultural Policy (RAP) as well as programmes, projects and actions in the area of health, HIV and AIDS, education and skills development, and labour and employment and gender and development,” he said.