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Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland »

Volume: 11

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

DOI: http://dx.doi.org/10.5089/9781475510164.087

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

Swaziland has faced a significant fiscal crisis since 2010, in the wake of loss of transfers from the Southern African Customs Union (SACU). The fiscal crisis has led to increasing vulnerabilities, not only of publ...

I. Introduction

I. Introduction »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

The Kingdom of Swaziland (thereafter Swaziland) is a small open economy bordering Mozambique and South Africa. It is a landlocked country with a small open economy heavily dependent on sugar exports and tour...

II. Swaziland: Debt Sustainability Analysis

II. Swaziland: Debt Sustainability Analysis »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

The level of government debt in Swaziland is moderate, albeit rapidly increasing. Total public debt rose from 12½ percent of GDP in 2009/10 to 16 percent of GDP (excluding arrears) and 20½ percent of GDP (in...

III. Balance Sheet Vulnerabilities

III. Balance Sheet Vulnerabilities »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

The Balance Sheet Approach (BSA) 3 applied to Swaziland highlights cross-sectoral risks (Box 2). It is based on a matrix of financial assets and liabilities of four sectors of the...

IV. Exchange Rate Assessment

IV. Exchange Rate Assessment »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

As mentioned in Box 1, the lilangeni is pegged to the South African rand at parity under the Common Monetary Area (CMA) agreement. By law, both the lilangeni and the rand are legal tender in Swaziland. Asses...

Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Volume: 11

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

Swaziland has faced a significant fiscal crisis since 2010, in the wake of loss of transfers from the Southern African Customs Union (SACU). The fiscal crisis has led to increasing vulnerabilities, not only of publ...

Back Matter

Back Matter »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

Swaziland has faced a significant fiscal crisis since 2010, in the wake of loss of transfers from the Southern African Customs Union (SACU). The fiscal crisis has led to increasing vulnerabilities, not only of publ...

V. Reserve Adequacy Assessment

V. Reserve Adequacy Assessment »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

The gross official reserves of the Central Bank of Swaziland have been on a downward trend since early 2010 (Figure 7). This decline has been driven by the fiscal crisis, the inability of the government to r...

VI. Conclusion

VI. Conclusion »

Source: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Chikako Baba , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2011

ISBN: 9781475510164

Keywords: Exchange rate assessments, External debt, Financial sector, Debt sustainability, Bank supervision, Public debt, Reserves adequacy

Several lessons can be learned from the analysis of Swaziland’s macroeconomic vulnerabilities: Public debt and external debt are unsustainable under current policies, ca...