[QODLink]
Africa

Swaziland's reserves dwindle to $790,000

Kingdom's official reserves will cover only four months of vital imports, central bank estimates.

Last updated: 27 May 2014 00:33
Email Article
Print Article
Share article
Send Feedback
Swaziland, ruled by King Mswati III, has been hit hard by an economic slowdown in neighbouring South Africa [AFP]

The Kingdom of Swaziland only has around $790,000 left in the bank, according to the central bank's latest estimate, as an economic slowdown in neighbouring South Africa hits home.

The official reserves would cover only four months of vital imports, the central bank's Monetary Policy Consultative Committee said in its latest fiscal update on Monday.

"The contraction in the level of reserves was mainly on account of payment of government's external obligations," a statement said.

The country is highly dependent on imports and has seen exports hit by a slowing South African economy.

"The South African economy continued to notch sluggish growth rates and the outlook remain precarious," the statement said.

The absolute monarchy, ruled by King Mswati III, also faces losing duty free access to the US market over concerns about human rights.

Swaziland has a poor rights record, where pro-democracy activists are often detained and charged with terrorism.

Political parties have been banned in the country since 1973.

The IMF has urged "wide-ranging structural reforms" to attract foreign investors.

171

Source:
AFP
Email Article
Print Article
Share article
Send Feedback
Topics in this article
People
Country
Organisation
Featured on Al Jazeera
Your chance to be an investigative journalist in Al Jazeera’s new interactive game.
An innovative rehabilitation programme offers Danish fighters in Syria an escape route and help without prosecution.
Street tension between radical Muslims and Holland's hard right rises, as Islamic State anxiety grows.
Take an immersive look at the challenges facing the war-torn country as US troops begin their withdrawal.
Featured
Private citizens take initiative to help 'irregular' migrants, accusing governments of excessive focus on security.
Indonesia's cassava plantations are being killed by mealybugs, and thousands of wasps have been released to stop them.
Violence in Ain al-Arab has prompted many Kurdish Syrians to flee to Turkey, but others are returning to battle ISIL.
Unelected representatives quietly iron out logistics of massive TPP and TTIP deals among US, Europe, and Asia-Pacific.
Led by students concerned for their future with 'nothing to lose', it remains to be seen who will blink first.