Public Health Financing · Active
95-95-95UNAIDS treatment targets achieved
Eswatini's HIV Epidemic-Control Turnaround
Peak prevalence 2015 · 95-95-95 confirmed circa 2020 · Global Fund grant renewed 2024-2027
In 2015, roughly one in three adults in Eswatini were living with HIV — among the highest rates ever recorded anywhere. Sustained financing from the government's own health budget, layered with two decades of PEPFAR and Global Fund support, funded an all-out scale-up of testing and treatment: national HIV incidence fell from 2.48% in 2011 to 0.62% by 2021, and viral suppression rose from 34.8% to 88.6% over the same span. Eswatini became the first country in the world confirmed to have reached the UNAIDS 95-95-95 targets, and in September 2024 the Global Fund approved a further US$46.7 million for 2024-2027 to lock in the gains and push tuberculosis and malaria toward the same standard.
1 in 3Peak HIV prevalence, 2015
0.62%HIV incidence, 2021 (from 2.48%)
88.6%Viral suppression, 2021 (from 34.8%)
$46.7MGlobal Fund grant, 2024-2027
Public Health Financing
Read About the Turnaround
Active
$46.7MNew grant cycle
Global Fund HIV, TB & Malaria Grants
Approved September 2024 · Covers 2024-2027
The Global Fund approved US$46.7 million in new grants to Eswatini in September 2024, administered through NERCHA and CANGO alongside the Ministry of Health, funding a push toward universal HIV prevention and treatment access, a cut in tuberculosis mortality from 85 to 68 per 100,000, full malaria vector-control coverage, and stronger laboratory and medical-oxygen infrastructure.
Global FundNERCHACANGOMinistry of Health
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Active
BilateralUS Government HIV funding
PEPFAR & CDC Bilateral HIV Program
Operating since the mid-2000s · Ongoing
The US President’s Emergency Plan for AIDS Relief and the CDC have funded Eswatini’s HIV response for two decades, financing programs such as REACH and DREAMS on Wheels that helped drive the country’s incidence rate down and its treatment coverage to among the highest in the world. In 2025, PEPFAR closed a set of older awards and launched new ones to keep the program running under tightened US foreign-aid budgets.
PEPFARU.S. CDCMinistry of Health
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Active
$27MIDA shorter-maturity loan
Eswatini Youth Employment Opportunities Project
Approved May 2025 · World Bank IDA
The World Bank approved a $27 million IDA loan to expand economic opportunities for roughly 30,000 young people in Eswatini, at least half of them women, through skills training in growing sectors like agricultural value chains and a new digital social registry for targeting vulnerable households. It was the first IDA-financed project in Eswatini since the country moved onto blended IDA/IBRD terms.
World BankIDA
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Active
$31.75M$27M loan + $4.75M GPE grant
Strengthening Early Childhood & Basic Education Systems Project
Approved May 2022 · World Bank + GPE
A $27 million World Bank loan combined with a $4.75 million Global Partnership for Education grant is funding a life-cycle push on early-childhood development and junior-secondary learning, targeting the COVID-era learning losses concentrated among Eswatini’s poorest and most rural students, while strengthening the Ministry of Education’s data and accountability systems.
World BankGlobal Partnership for EducationMinistry of Education
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Active
~46%Share of government revenue
SACU Customs Revenue-Sharing
Ongoing · Southern African Customs Union
Southern African Customs Union transfers have supplied close to half of Eswatini’s total government revenue in recent years, a dependency the IMF and ratings analysts flag as a structural vulnerability as regional trade volumes soften. It is also the flip side of that vulnerability: guaranteed, rules-based, rand-linked revenue that requires no negotiation and arrives on a fixed formula every year.
Southern African Customs UnionMinistry of Finance
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Active
E8B2025/26 industry revenue
Sugar Export Economy — SADC-EU EPA Access
Ongoing · 2025/26 season
The Eswatini Sugar Association’s members sold 647,572 tonnes of sugar in the 2025/26 season for roughly E8 billion in revenue, exporting duty-free and quota-free into the EU under the SADC-EU Economic Partnership Agreement and into the US under a tariff-rate quota, even as falling world sugar prices squeeze margins. Sugarcane remains the single largest contributor to Eswatini’s agricultural GDP and one of its largest formal employers.
Eswatini Sugar AssociationRoyal Eswatini Sugar Corporation
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Completed
$70MEswatini AGOA exports, 2024
AGOA-Era Textile & Garment Exports
2000 · AGOA lapsed September 2025
A quarter-century of duty-free access to the US market under the African Growth and Opportunity Act built a garment and textile export sector that shipped roughly E1.2 billion — about US$70 million — of AGOA-eligible goods in 2024 alone, sustaining thousands of factory jobs. When AGOA lapsed at the end of September 2025 without renewal, Eswatini secured a 10% reciprocal tariff on its exports to the US, among the lowest in the region, which officials argue could still draw investment.
Eswatini Investment Promotion AuthorityMinistry of Commerce
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Active
1:1Lilangeni to South African rand
Common Monetary Area — Lilangeni/Rand Peg
Ongoing · Common Monetary Area member
Eswatini issues its own currency, the lilangeni, held at par with the South African rand as a member of the Common Monetary Area alongside South Africa, Lesotho and Namibia. The peg imports South African Reserve Bank monetary credibility and permits unrestricted movement of funds between the two countries, trading independent monetary policy for currency stability.
Central Bank of EswatiniSouth African Reserve Bank
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Active
SurveillanceNo lending arrangement
IMF Article IV Consultation
Annual · 2025 consultation concluded September 2025
Eswatini has generally financed itself without a full IMF lending program, relying instead on the Fund’s annual Article IV surveillance. The 2025 consultation found the fiscal deficit had widened to 2.3% of GDP in FY2024/25 despite higher SACU receipts, and urged stronger efforts to stabilize a rising public-debt trajectory the government aims to hold near 40% of GDP.
International Monetary FundMinistry of Finance
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Pipeline
120MWPlanned capacity
Ngwempisi Hydropower Project
Construction targeted 2025 · Commercial operation 2027
The Eswatini Electricity Company is developing a 120-megawatt hydropower scheme on the Ngwempisi River, part of a wider push — alongside an expansion of the existing Maguga Dam hydropower station — to cut the country’s heavy reliance on imported South African electricity with domestic renewable generation.
Eswatini Electricity Company
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Advocacy
AdvocacyNo direct financing instrument
2021-2023 Pro-Democracy Protests & SADC-Mediated Dialogue
Unrest 2021-2023 · SADC mediation from July 2021
Youth-led protests demanding a democratically elected prime minister met a hard security response in 2021, including a curfew, an army deployment and lengthy prison terms for two pro-democracy members of parliament. The Southern African Development Community sent mediators the same month to press for a national dialogue; political parties remain banned and the monarchy’s authority is unchanged, but the episode is now a standing reference point for donors weighing governance conditions on financing to Eswatini.
SADCGovt of Eswatini
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Active
$45MWorld Bank loan
Water Supply & Sanitation Access Project
Appraised 2019 · Ongoing implementation
A $45 million World Bank loan is funding climate-resilient water-supply expansion and improved sanitation access across Eswatini, concentrated in the drought-prone Shiselweni region, alongside institutional strengthening for the utilities that run it and a contingency mechanism for emergency response.
World BankEswatini Water Services Corporation
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