Kingdom of Swaziland: 2010 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Swaziland

Author: International Monetary Fund

Volume/Issue: Volume 2011 Issue 025

Publication date: January 2011

ISBN: 9781455213818

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Topics covered in this book

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Banks and Banking , Exports and Imports , Public Finance , Business and Economics - Statistics , ISCR , CR , Swaziland , revenue performance , financial crisis , debt ratio , priority spending , spending , Swaziland economy , wage bill , enhancing competitiveness , program objective , Real interest rates , Africa , Global , Southern Africa

Also of interest

Grenada

Nepal

Peru

Republic of Congo : 2001 Article IV

Summary

The Swaziland economy continues to underperform, reflecting the impact of the global economic crisis. The impact of the crisis has been felt mostly in revenue transfers of the Southern African Customs Union (SACU) to Swaziland. Executive Directors welcomed Fiscal Adjustment Roadmap (FAR), which focused on restoring fiscal sustainability, improving competitiveness, and strengthening financial supervision. They noted that key challenges are restoring fiscal sustainability, addressing HIV/AIDS, reducing poverty, and creating employment. Directors emphasized the need for fiscal adjustment and budgetary reforms. Directors noted that the banking system remains in good health.