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

February 8, 2012

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Kingdom of Swaziland: Staff Report for the 2011 Article IV Consultation., (USA: International Monetary Fund, 2012) accessed November 23, 2024

Summary

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.

Subject: Arrears, Banking, Central banks, External debt, International reserves, Labor, Monetary base, Money, Public debt, Wages

Keywords: Africa, Arrears, Consumer price inflation, CR, Global, Government cash situation, IMF economist, IMF's appraisal, International reserves, ISCR, Kingdom of Swaziland executive board meeting, Monetary base, Southern Africa, Wages

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/037
Stock No:

1SWZEA2012001
ISBN:

9781463940386
ISSN:

1934-7685

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