Swaziland and the International Monetary Fund

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Periodical article

Title:	Swaziland and the International Monetary Fund
Author:	Ayee, J.R.A.
Year:	1991
Periodical:	Verfassung und Recht in Übersee
Volume:	24
Issue:	1
Pages:	52-75
Language:	English
Geographic term:	Swaziland - Eswatini
Subjects:	IMF economic policy
Abstract:	One of the most notable repercussions of the debt crisis in Africa has been the increasing influence it has given the IMF over economic policy formulation by governments throughout the continent. Most African countries have been obliged to request IMF assistance at one time or another and have consequently found themselves bound by the Fund's conditionality. This paper explores Swaziland-IMF relations. It argues that although Swaziland is not facing serious economic crisis, unlike most African countries, it has adopted and consistently followed most of IMF conditionality, which includes a programme of public spending cuts, the liberalization of foreign exchange and import controls, a hospitable attitude to foreign investment and a general opening up of the economy to international commerce. The effect of such traditional IMF prescriptions on the Swazi economy has been positive because of the special position Swaziland enjoys under the Southern African Customs Union (SACU) and the nature of the dependence of its economy on that of South Africa. Notes, ref.