Kingdom of Swaziland: Staff Report for the 2011 Article IV Consultation.
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Summary:
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.
Series:
Country Report No. 2012/037
Subject:
Arrears Banking Central banks External debt International reserves Labor Monetary base Money Public debt Wages
English
Publication Date:
February 8, 2012
ISBN/ISSN:
9781463940386/1934-7685
Stock No:
1SWZEA2012001
Pages:
39
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