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This letter provides an assessment of recent macroeconomic developments in Swaziland and an update on the discussions between IMF staff and the Swaziland authorities. Swaziland faces a fiscal crisis caused by an 11 percent of GDP drop in revenue payments from the Southern African Customs Union...
Persistent link: https://www.econbiz.de/10014410294
The Article IV Consultation with the Kingdom of Swaziland discusses efforts to broaden the tax base and improve tax administration, in particular through the introduction of a value-added tax and the establishment of a Revenue Authority. The depreciation of the nominal exchange rate along with...
Persistent link: https://www.econbiz.de/10014403045
The Swazi economy has continued to register sluggish economic activity even as rising Southern African Customs Union revenue contributed to a large fiscal surplus and accumulation of international reserves. The unchecked growth of insufficiently regulated saving and credit cooperatives poses...
Persistent link: https://www.econbiz.de/10014403047
The current high Southern African Customs Unions revenues should be used to implement fiscal measures to secure fiscal sustainability and support economic growth. The government should formulate a financial sector strategy that addresses Swaziland’s twin challenges of enhancing financial...
Persistent link: https://www.econbiz.de/10014403488
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,...
Persistent link: https://www.econbiz.de/10014397029
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country
Persistent link: https://www.econbiz.de/10014397311
This paper reviews economic developments in Swaziland during 1990–96. During 1990–95, the shares of exports and imports of goods and services in GDP averaged 81 percent and 92 percent, respectively. The overall trend in economic growth continued in 1995/96. Real GDP expansion was limited to...
Persistent link: https://www.econbiz.de/10014397377
The Swaziland economy continues to suffer from the global economic crisis and an overvalued real exchange rate. The fiscal crisis is starting to affect external stability. Notwithstanding the fiscal crisis, banks continue to remain well capitalized and profitable. The 2011–12 budget promises...
Persistent link: https://www.econbiz.de/10014401532
This Selected Issues paper and Statistical Appendix for the Kingdom of Swaziland assesses the interaction of nonbank financial institutions (NBFIs) within the financial system and the real economy. Understanding the type of flows will help in designing policies to better manage capital flows and...
Persistent link: https://www.econbiz.de/10014402186
The Swaziland economy continues to underperform, reflecting the impact of the global economic crisis. The impact of the crisis has been felt mostly in revenue transfers of the Southern African Customs Union (SACU) to Swaziland. Executive Directors welcomed Fiscal Adjustment Roadmap (FAR), which...
Persistent link: https://www.econbiz.de/10014402408