Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Olivier Basdevant, Chikako Baba and Borislava Mircheva

No 2011/008, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: Swaziland has faced a significant fiscal crisis since 2010, in the wake of loss of transfers from the Southern African Customs Union (SACU). The fiscal crisis has led to increasing vulnerabilities, not only of public finances but also on commercial banks and the private sector. This paper provides an analysis of Swaziland's main macroeconomic vulnerabilities and the main policy implications of the analysis.

Keywords: DPPP; DP; debt; GDP; Swaziland; currency; deficit; open economy; GDP deflator; debt stock; long-term debt; equilibrium current account deficit norm; macroeconomic vulnerability; deficit norm; Currencies; International reserves; Commercial banks; Africa; Southern Africa; Global; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 37
Date: 2011-12-23
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