REGIONAL INDIC ATIVE STRATEGIC DEVELOPMENT PL AN • Ratio of budget deficit to GDP not exceeding 5% by 2008 and 3% as an anchor within a band of 1% by 2012 and be maintained at the 2012 level up to 2018; • Nominal Value of public and publicly guaranteed debt should be less than 60% of Gross Domestic Product by 2008; and this be maintained through out the plan period (2018). Target 6: Other Financial indicators • External reserves/import cover of at least 3 months by 2008 and more than 6 months by 2012; • Central Bank credit to Government less than 10% of previous year's tax revenue by 2008; less than 5% by 2015; • Increase the level of savings to at least 25% of GDP by 2008 and to 30% by 2012; • Increase domestic investment levels to at least 30% of GDP by 2008; • Gradual interconnection of payments and clearing system in SADC by 2008; • Achieve currency convertibility by 2008; • Finalise the legal and regulatory framework for dual and cross listing on the regional stock exchanges by 2008; • Liberalising exchange controls: Current account 6 7 Millennium Development Goals of the United Nations, in particular, the reduction of poverty; reducing by half the number of people without access to the basic services of water supply and sanitation by 2015, ensuring environmental sustainability in all developmental activities, and full exploitation of public private partnerships. Attention was also paid to the priority areas of NEPAD which include restoration of peace and stability; entrenchment of good governance; rehabilitation and construction of infrastructure facilities; bridging the digital divide between the North and the South; strengthening human resources development (including reversing brain drain; supporting agriculture and the environment; and redefining the relationship with partners. In view of the Millennium Development Goals and the regional infrastructure development needs, SADC has made the Infrastructure and Services Directorate consisting of Transport, Communications, Water, Tourism and Energy a priority intervention area. Bridging the infrastructure gap has the potential for deepening integration through the sharing of the production, management and operations of infrastructure facilities, hubs, and development corridors. Strategic regional infrastructure interventions are key to attracting investment into the region, improving competitiveness transactions between Member States by 2006 and and promoting trade. In view of the fact that the majority of the capital account by 2010; the Region's population lives in rural areas, an integrated, • Increase the share of credit accessed by women and efficient and least cost infrastructure system will unleash SMEs to at least 5% of total private sector credit by the production potential of these communities and provide 2008. the necessary links to markets, thereby significantly Target 7: The establishment of a SADC monetary contributing towards poverty eradication and gender union by 2016 balance. Empirical evidence suggests that poverty • Finalise preparation of institutional, administrative reduction and gender balance have the potential to and legal framework for setting up a SADC Central Bank by 2016; • Launch a regional currency for the SADC Monetary Union by 2018. increase awareness and responsible behaviour both of which are necessary factors that can significantly contribute towards mitigating the spread of HIV and AIDS. 4.11.2 4.11 INFRASTRUCTURE SUPPORT FOR REGIONAL INTEGRATION AND POVERTY ERADICATION Overall Goal The overall goal of infrastructure support intervention is to ensure the availability of a sufficient, integrated, efficient 4.11.1 Introduction and cost effective infrastructure system and provision of sustainable services that will support and sustain regional The infrastructure development goals and strategies for economic development, trade, investment, and agriculture the RISDP have been formulated in line with the thus contributing towards poverty eradication.