By Thokozani Mazibuko
Minister of Finance Neal Rijkenberg has warned Emaswati against the perils of unnecessary household debt, highlighting the potential for serious emotional and financial ramifications.
His remarks come amid increasing concerns regarding the nation’s alarming levels of family dues.
In a recent address, Rijkenberg emphasized that accumulating debt can create a dangerous cycle of dependency that is detrimental to families.
RELATED: Minister Neal Rijkenberg’s E29.4bn pro-growth, inclusive budget
Drawing from Biblical wisdom, he quoted Proverbs 22:7: “The rich rule over the poor, and the borrower is slave to the lender.”
The minister further referenced Romans 13:8, encouraging individuals to strive for a debt-free existence, stating, “Owe nothing to anyone, except to love one another.”
Rijkenberg’s concerns were echoed by House of Assembly Speaker Jabulani Mabuza, who pleaded for a consistent approach to addressing the dangers of debt during the 2024/25 annual performance debate for the Ministry of Finance.
Mabuza pointed out that more Emaswati seem to be succumbing to unnecessary financial obligations, resulting in emotional stress for families.
“The current financial climate, particularly with school fees looming, adds to the pressure many households face,” Rijkenberg noted.
As the academic year begins, families often encounter unforeseen expenses that can lead them to borrow more than they can handle.
The minister acknowledged the government’s progress in managing national debt, noting positive feedback from global financial institutions like the International Monetary Fund (IMF) and the World Bank.
However, he expressed deep concern regarding the rising household indebtedness in Eswatini, urging citizens to rethink their financial choices.
RELATED: Finance Minister Neal Rijkenberg to present over E26bn pro-poor budget
“The beginning of the school year is a particularly challenging time,” Rijkenberg said. “I hope that the advice I offered during the festive season has resonated with the people, especially those who received their 13th cheques.”
The minister’s cautionary stance aims to encourage Emaswati to take responsible financial actions, as he underscored the importance of living within one’s means.
He urged families to avoid the pitfalls of excessive borrowing and to take a prudent approach to their expenditures.
In conclusion, Rijkenberg’s message serves as a timely reminder of the gravity of household debt and its propensity to disrupt the fabric of family life.
As Emaswati navigate the complexities of modern finance, the minister’s words stand as a guiding principle for wise financial stewardship and emotional well-being.
