The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
The Swaziland economy continues to suffer from the global economic crisis and an overvalued real exchange rate. The fiscal crisis is starting to affect external stability. Notwithstanding the fiscal crisis, banks continue to remain well capitalized and profitable. The 2011-12 budget promises to make significant progress in fiscal adjustment while safeguarding priority expenditures. The government is taking ambitious measures to cut the wage bill in FY2011-12. Improvements in revenue administration by the Swaziland Revenue Authority (SRA) will strengthen revenue collections.