Kingdom of Swaziland: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Swaziland

September 11, 2017

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Kingdom of Swaziland: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Swaziland, (USA: International Monetary Fund, 2017) accessed September 18, 2024

Summary

This 2017 Article IV Consultation highlights that the macroeconomic conditions have recently deteriorated in Swaziland. In 2016, two shocks—a prolonged drought and a sharp decline in South African Customs Union (SACU) receipts—severely hit the economy, while an expansionary fiscal policy worsened fiscal and external balances. Growth in 2016 stagnated, as agricultural productions declined, and headline inflation increased sharply, mostly owing to rising food prices. Fiscal policy remains on an expansionary course, while the monetary stance has tightened. Despite a pickup in SACU revenue, the 2017 budget envisages a continuation of large fiscal deficits, and further increase in public debt.

Subject: Banking, Budget planning and preparation, Government debt management, Income inequality, National accounts, Public debt, Public financial management (PFM), Revenue administration

Keywords: Africa, Authorities limit, Budget planning and preparation, Cash flow position, CR, Government, Government debt management, Government plan, Income inequality, ISCR, SACU revenue, Southern Africa, Sub-Saharan Africa, Swazi authorities, Swaziland

Publication Details

Pages:

72
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/274
Stock No:

1SWZEA2017001
ISBN:

9781484310960
ISSN:

1934-7685

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