See also:
» 18.02.2010 - UNAIDS chief urges greater AIDS response in Swaziland
» 02.12.2009 - Swaziland urged to prioritise spending
» 17.07.2009 - Swaziland urged to improve domestic revenues against shocks
» 20.10.2008 - Swaziland combats fuel smuggling
» 03.10.2008 - Swaziland seeks pact with South Africa to enhance investment
» 13.03.2007 - Still no economic growth for Swaziland
» 29.11.2006 - IMF predicts negative growth for Swaziland
» 25.05.2004 - Overspending "threatens" Swazi economy

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development

Swaziland needs tighter spending discipline - IMF

afrol News, 8 August - Declining trade preferences for sugar and textiles could see Swaziland's current account in 2008 deteriorate, with inflation further expected to rise to 12.9 percent from 8 percent in 2007.

A statement issued by International Monetary Fund (IMF) at conclusion of consultations in Mbabane this week, warned of increasing downside risk to macroeconomic stability, in southern African last remaining absolute monarch, as a result of high inflation driven by rising fuel and food prices and a slow down of global economy.

While IMF mission and officials in Mbabane discussed reforms to accelerate growth and make progress toward poverty reduction, the body also encouraged Swaziland to maintain a fiscal policy that should also take into account downside risks to SACU revenues - the main source of Swazi government revenues.

IMF also noted further fiscal savings, saying these would allow for expenditure smoothing in anticipation of revenue declines. "The mission recommended that composition of government spending shift toward higher quality spending on health, education, agriculture, and capital projects with high social rate of return," said IMF mission's statement.

It also added that further improving expenditure efficiency and targeting were needed in Swaziland, to help ease burden of high food and fuel prices.

"The mission welcomed efforts to expedite use of resources from Global Fund and other donors to fight HIV/AIDS. It urged stronger efforts to improve capacity to fully utilise budgetary allocation for social sectors," said IMF statement.

It continued that while it supported implementation of performance management system to improve productivity in the public sector, there was a clear need for an implementation strategy for Poverty Reduction Strategy and Action Program (PRSAP), which would include ensuring its consistency with medium-term fiscal framework and macroeconomic stability.

"In light of the adverse effects of high fuel and food prices, additional efforts are needed now in order to ensure progress toward Millennium Development Goals. This will also require steps to improve the enabling environment for private sector-led growth," added IMF statement.

Known for its extravagancy in up-keeping its monarchy, Swaziland has been forced onto a reforms lane, that could see the country appreciate absolute democracy in near future, while in the economic field, non-state players are already making inroads.

IMF has however warned in the wake of reforms and developments, saying: "In recent years, growth of non-bank financial institutions has increased access to finance for a larger segment of population, but has also created risks. In this connection, the mission urged authorities to strengthen the supervision and regulation of nonbank financial institutions, including by passing the Financial Regulatory Authority Bill."

Swaziland's real GDP growth is expected to moderate to below 3 percent in 2008 from 3.5 percent in 2007, reflecting slowdown in the construction, sugar, and textile sectors, according to IMF, which added that high level of revenue from SACU contributed to a marked improvement in external current account and international reserves in 2007.

- Create an e-mail alert for Swaziland news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at