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Africa > Eswatini, Kingdom of

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Cover IMF Staff Country Reports
Kingdom of Eswatini: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Eswatini
International Monetary Fund. African Dept.
Eswatini is at an important juncture as the authorities seek to address long-standing macroeconomic challenges in a shock-prone environment. While Eswatini has endured the pandemic and successive shocks from international commodity prices, fiscal and external buffers are low. Addressing long-standing macroeconomic imbalances—stemming mainly from fiscal overruns—remains a critical priority. Government efforts in this area have already begun but will need to be sustained over the medium-term. In tandem, shifting from a state-led to a private sector and export-led growth model will be essential to achieve higher and sustained levels of inclusive growth necessary for poverty reduction. Focused efforts to address the underlying causes of recent civil unrest, together with concerted efforts to tackle gaps in governance, are also needed.
Keywords:
government payment; stabilization fund; CBE Law; excl. SACU revenue; exchange control data collection system; CBE balance sheet; Eswatini authorities; Public enterprises; Africa; Southern Africa; Global; East Africa; Fiscal consolidation
Cover IMF Staff Country Reports
Eswatini: Technical Assistance Report on Government Finance Statistics Mission (July 6-12, 2022)
International Monetary Fund. African Dept.
This technical assistance (TA) mission on Government Finance Statistics (GFS) was conducted during July 6-12, 2022. The main purpose of the mission was to review the progress made by the authorities in implementing previous TA recommendations and provide further support to strengthen the compilation and dissemination of GFS in line with international standards set out in the Government Finance Statistics Manual 2014 (GFSM 2014).
Keywords:
Government finance statistics; Public sector debt statistics; Expenditure; Public Sector; IMF's Statistics Department; E. GFS compilation; Statistics Department of the IMF; PSDS compilation process; Statistics office; Financial statements; Public enterprises; Securities; Southern Africa; Africa
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge; IMF staff calculation; exchange market pressure index; financial support; IMF role; transfer program; international community; financial crisis; financing difficulties; market terms; food price inflation; COVID-19; Oil prices; Debt service; Sub-Saharan Africa; Africa; Global; West Africa; Inflation
Cover IMF Staff Country Reports
Kingdom of Eswatini: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Eswatini
International Monetary Fund. African Dept.
The COVID-19 pandemic is having a severe impact on Eswatini’s economy at a time when the country is already facing deep economic challenges, and the government has begun fiscal consolidation efforts. A national lockdown to contain the spread of the virus, disruptions in supply chains, and lower external demand for key exports are curtailing economic activity. While the authorities’ policy response has been timely and proactive, the economic shock and containment policies are triggering a severe recession with significant social costs, and have created urgent balance of payments needs. The pandemic is unfolding in a context of high prevalence of HIV/AIDS and a stretched health care system, which increase Eswatini’s vulnerability.
Keywords:
ISCR; CR; financing; IMF emergency financial support; emergency financing request; authority; COVID-19 Pandemic; IMF support; financing gap; private sector financing pressure; RFI purchase; clearance strategy; Fiscal consolidation; Fiscal accounting and reporting; Africa; COVID-19; Financial account
Cover IMF Staff Country Reports
Kingdom of Eswatini: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Eswatini
International Monetary Fund. African Dept.
This 2019 Article IV Consultation with the Kingdom of Eswatini highlights that the financial system remains sound, although vulnerabilities are rising. Hence, bank supervision should be intensified, the early intervention regime strengthened, and plans to relax single borrower concentration regulations suspended. The paper explains that the authorities have recently taken some policy actions toward stabilizing the economy. However, reflecting expansionary spending policies and declining Southern African Customs Union revenue, public debt is still rising, domestic arrears have accumulated, and international reserves have fallen below adequate levels. Supply side and governance reforms are needed to support private investment and strengthen competitiveness. Reforms should reduce vulnerabilities to state-capture and other forms of corruption, streamline business regulations and regulatory requirements, reduce high electricity and telecommunications costs, contain wage growth, and address shortages of skilled workers. A credible medium-term fiscal adjustment plan, starting with measures to reduce next year’s fiscal deficit, is needed to bring the economy on a sustainable path. Policies should combine expenditure reductions and revenue increases that enhance long-term growth prospects. Expanding and better targeting cash transfers would help protect the poor.
Keywords:
ISCR; CR; government; deficit; SACU revenue; banking sector; government arrears; clearance strategy; intervention regime; government assets; private sector growth; Government debt management; Fiscal consolidation; International reserves; Africa; Global; Southern Africa
Cover Policy Papers
Use of Third-Party Indicators in Fund Reports
International Monetary Fund
Fund staff use indicators developed by other organizations as input into analysis in surveillance and, to a lesser extent, in program work. While the Fund has been able to rely on data and statistics provided by member countries and compiled internally, continued efforts to foster global economic and financial stability require staff to work with indicators drawn from numerous third-party compilers. These indicators of varied qualities are used to measure concepts such as business environment, competitiveness, and quality of governance. It is anticipated that staff will continue to draw on other institutions’ expertise and estimates. This practice is consistent with the Executive Board’s guidance in areas where internal expertise is lacking or limited. It also puts a premium on staff’s understanding of the third-party indicators (TPIs) used to add analytical value, avoid flawed conclusions and presentation, and support traction with the membership. This paper outlines a framework to promote best practice with respect to use of TPIs in Fund reports. The framework will apply to all documents that are subject to the Fund’s Transparency Policy. Staff are encouraged to follow similar guidelines for other Fund documents. It draws on lessons from the current practice in the Fund and other selected international organizations (IOs), and insights from the application of an adapted data quality assessment framework (DQAF) to a subset of TPIs commonly used by Fund staff. Common good practices across IOs include the emphasis on staff judgment, review, and consultation with stakeholders.
Keywords:
PP; third-party indicator; director; fund staff; indicator; staff effort; staff analysis; staff report; Data Quality Assessment Framework (DQAF); Business environment; Corruption; Global
Cover IMF Staff Country Reports
Kingdom of Swaziland: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. African Dept.
KEY ISSUES Setting: Swaziland has gradually recovered from the fiscal crisis of 2010-11, buoyed by the improved revenues from the Southern African Customs Union (SACU). Growth modestly recovered, and international reserves rebounded. Swaziland’s challenges, however, remain significant, in view of its high vulnerability to exogenous shocks and its sluggish growth performance, while facing significant social and development challenges with high unemployment and the prevalence of HIV/AIDS. Swaziland now stands at a critical juncture to strengthen its resilience to exogenous shocks, address its weak growth performance, and meet critical social and development needs. Outlook and risks: Under the status-quo policies, the outlook is for continued sluggish growth and increasing fiscal and external imbalances, reflecting low private investment, elevated government spending, and prospective decline in SACU revenues. Risks are associated with the high volatility of the SACU revenues, possible negative spillovers from South Africa (including higher policy rate and lower growth), and uncertain prospects for preferential trade agreements with the U.S. and EU. Strengthening Resilience to Shocks: Over the medium term, international reserves should be targeted at five to seven months of imports, and public debt be kept below 30 percent of GDP. This calls for a prudent fiscal policy stance, with fiscal deficit below 2 percent of GDP. Raising growth: It is essential to enhance the efficiency of the public sector and promote private sector-led growth through structural reforms including improving business climate and accelerating land reforms. Maintaining financial stability: Financial soundness indicators are generally strong. The strong growth of the nonbank financial sector in recent years calls for strengthening of supervision and regulation for the sector. Past advice: There is broad agreement between the Fund and the authorities on macroeconomic policy and structural reform priorities. With the authorities’ fiscal consolidation efforts and the improved SACU revenues, fiscal and external sustainability is being restored, consistent with staff’s advice. However, progress on structural reforms—including re-launching the privatization process, improving access to modern finance and improving the business climate—has been modest.