IMF Staff Country Reports

Kingdom of Eswatini: 2024 Article IV Consultation-Press Release; and Staff Report

September 30, 2024

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International Monetary Fund. African Dept. "Kingdom of Eswatini: 2024 Article IV Consultation-Press Release; and Staff Report", IMF Staff Country Reports 2024, 304 (2024), accessed November 23, 2024, https://doi.org/10.5089/9798400289606.002

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Summary

Growth reached 4.9 percent in 2023, driven by services, manufacturing, and high transfers from the Southern African Customs Union (SACU). The latter helped move the external current account to a surplus of 2.2 percent of GDP. Inflation averaged 4.9 percent in 2023 and moderated to 4.2 percent in July 2024. The fiscal deficit is estimated to have narrowed to 1.5 percent of GDP in FY23/24; however, domestic payment arrears persisted. Public debt is moderate, at 38.5 percent of GDP. Widening of the policy rate differential between the Central Bank of Eswatini and the South African Reserve Bank to 75 bps in July 2023 has encouraged capital outflows, and official reserves at end-2023 covered only about 2.2 months of imports.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Central Banks, Crime, Expenditure, External debt, Government debt management, International reserves, Public debt, Public financial management (PFM), Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Fiscal stance, Government debt management, International reserves, National accounts

Publication Details

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