“The Southern Africa Development Community (SADC) regional economic integration agenda includes a macroeconomic convergence programme, that is intended to achieve and maintain macroeconomic stability in the region and committed to following stability oriented economic policies that are monitored and measured against specific convergence criteria indicators amongst them, a public debt threshold of 60% of GDP, thereby contributing to faster economic growth and laying the basis for eventual monetary union. Most SADC member states have recorded good macroeconomic performance in recent years, in general coming close to, and in many cases surpassing, the convergence targets specified for 2008. As of end 2013, almost all the countries were below the set target of 60%, with the exception of Seychelles which had a series of large government deficits and defaulted on its US$230 million Eurobond in October 2008; and Zimbabwe which was in the grip of hyperinflation.”
