Kingdom of Swaziland: Staff Report for the 2011 Article IV Consultation

International Monetary Fund

No 2012/037, IMF Staff Country Reports from International Monetary Fund

Abstract: The fiscal crisis in the Kingdom of Swaziland emanating from a decline in revenue from the Southern African Customs Union and one of the largest public wage bills in sub-Saharan Africa has reached a critical stage. Faced with revenue shortfalls associated with slowing economic activity, uncontrolled public spending, and lack of financing, the authorities continued to deplete central bank reserves and accumulate domestic arrears. The authorities have been able to finance only a minimal amount of expenditure, including wages, utilities, and essential transfers.

Keywords: ISCR; CR; IMF economist; government cash situation; consumer price inflation; Kingdom of Swaziland executive board meeting; IMF's appraisal; International reserves; Monetary base; Wages; Arrears; Africa; Global; Southern Africa (search for similar items in EconPapers)
Pages: 39
Date: 2012-02-08
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