The Kingdom of Swaziland (hereinafter “Swaziland”) is a small, open economy bordering Mozambique and South Africa with … exports, and tourism, and with more than 80 percent of its imports originating from South Africa. Swaziland is a member of the … Common Monetary Area. The rand is also legal tender in Swaziland. After two difficult fiscal years, Swaziland has regained …

Swaziland has faced a significant fiscal crisis since 2010, in the wake of loss of transfers from the Southern African … commercial banks and the private sector. This paper provides an analysis of Swaziland's main macroeconomic vulnerabilities and …