Cover IMF Staff Country Reports
Kingdom of Swaziland: Staff Report for the 2011 Article IV Consultation.
Author: International Monetary Fund
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2012: Issue 037
Language:
English
Publication Date:
08 Feb 2012
DOI:
https://doi.org/10.5089/9781463940386.002
ISBN:
9781463940386
ISSN:
1934-7685
Pages:
39
Keywords:
ISCR; CR; IMF economist; government cash situation; consumer price inflation; Kingdom of Swaziland executive board meeting; IMF's appraisal; International reserves; Monetary base; Wages; Arrears; Africa; Global; Southern Africa
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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.
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund