See also:
» 15.10.2010 - Swazi govt tried to underreport hunger
» 14.05.2010 - Swaziland unionist denied burial
» 18.02.2010 - UNAIDS chief urges greater AIDS response in Swaziland
» 09.09.2009 - Swaziland media urged to speed up self-regulation process
» 23.07.2009 - Harsh sentence for abusive Swazi lover
» 20.03.2009 - Swazi youth accuse SADC of double standards
» 03.10.2008 - COSATU campaigns for democracy in Zimbabwe and Swaziland
» 03.04.2008 - Exiled Swazi hero murdered

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

Politics | Economy - Development | Society

Swaziland urged to prioritise spending

afrol News, 2 December - Swaziland’s economic outlook is subject to downside risks stemming from the uncertainty about the strength of the global recovery, particularly in South Africa which is destination to more than half of the country’s exports.

The visiting International Monetary Fund (IMF) team to the Kingdom has said, adding that the phasing-out of preferential agreements, the sustainability of structural reforms to foster competitiveness and improve the business environment, will also add to the risks.

“Since the last Article IV consultation a little more than a year ago, Swaziland has been grappling with the impact of the 2008 oil and food crisis and the global economic crisis of 2009. The latter has led to a significant drop in transfers from the Southern African Customs Union (SACU), which in the context of high spending levels, is posing serious risk to medium-term fiscal sustainability,” the IMF team said in a statement, further adding that economic activity remains sluggish in 2009 in Swaziland, with GDP growth estimated at 0.4 percent.

The fund further said inflation continues to moderate as food and fuel prices trend downwards, and is expected to be around 5 percent by year-end.

The mission also welcomed the establishment of the Anti-Corruption Commission and the recent passage by parliament of the Financial Services Regulatory Authority Bill, encouraging the Swazi authorities to accelerate the adoption of other pending legislation to further strengthen the financial system, improve the regulatory environment, and promote private-sector led growth.

“The key challenge going forward is for the authorities to address the emerging large fiscal deficits by building public support for the necessary adjustments. This is all the more necessary as the financing of persistent high fiscal deficits and the ensuing reserve losses could undermine confidence in the current monetary arrangement and result in unsustainable debt levels,” the IMF team said.

The mission also urged the authorities to embark without delay on a fiscal adjustment path focused on expenditure cuts. In particular, the recent across-the-board salary increases, which are unsustainable given the sharp and permanent drop in SACU revenue, need to be revisited, the IMF team warned.

The team concluded by encouraging the Swazi authorities to improve the quality of spending and strengthen the public financial management to shift resources to critical social programmes, including investment in human capital and expenditures that foster economic growth.

The IMF staff team led by Norbert Toé visited Mbabane during 18 November – 2 December to conduct the 2009 Article IV Consultation with Swaziland. The mission’s work focused on policies needed to restore fiscal sustainability, preserve macroeconomic and financial stability, and spur economic growth.

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