{"id":2425,"date":"2012-05-29T05:12:31","date_gmt":"2012-05-29T05:12:31","guid":{"rendered":"https:\/\/new.igihe.com\/swaziland-economy-failing\/"},"modified":"2012-05-29T05:15:00","modified_gmt":"2012-05-29T05:15:00","slug":"swaziland-economy-failing","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/swaziland-economy-failing\/","title":{"rendered":"Swaziland Economy Collapsing"},"content":{"rendered":"
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{{Swaziland will soon become a failed Economy if it doesn\u2019t contain the existing economic constraints that have even led to cancellation of support from the International Monetary Fund IMF.}}<\/p>\n

The Kingdom of Swaziland is the last absolute monarch in Africa.<\/p>\n

The African Development Bank (AfDB) has followed steps taken by the IMF to withdraw support for Swaziland.<\/p>\n

The AfDB will not pay $100 million budget support due to the kingdom, because it has failed to tackle problems with its economy.<\/p>\n

Last month, the International Monetary Fund withdrew support for the Swazi government\u2019s financial recovery plan, because it had failed to reign in public spending and had presented a national budget that took money away from education and poverty reduction and diverted it to other areas, widely understood to include spending on King Mswati III. <\/p>\n

Since 2010 the IMF has been working closely with the Swazi Government supporting its \u2018fiscal adjustment roadmap (FAR)\u2019 \u2013 a plan for recovery that included getting more revenue through taxes and reducing the public sector wage bill. <\/p>\n

The Swazi Government drew up the plan and was aided by the IMF in its implementation through a procedure known as the staff-monitored programme. But even though the FAR was the work of the Swazi Government and was completely under its control, the government failed abysmally to implement it. <\/p>\n

Central to the plan was to reduce the public sector wage bill \u2013 that of teachers, nurses and other civil servants \u2013 by 10 percent. This it failed to do.<\/p>\n

Media houses across the world have consitently criticised King Mswati for \u2018leading a lavish lifestyle while his people starve\u2019. It is believed that the King has a personal fortune of US$100 million.<\/p>\n

The extravagant King Muswati bought himself a luxury Maybach 62 sedan worth $500,000 despite his country’s economic problems, the dire poverty of the population. HIV pandemic is affecting 38.8% of his subjects. <\/p>\n

On his recent birthday in April, he bought ten BMW seven series vehicles for himself and several of his wives. He was also building ten new palaces for his wives at a cost of $17m, regardless of the budget deficit standing at swazi currency 800 Million.<\/p>\n","protected":false},"excerpt":{"rendered":"

{{Swaziland will soon become a failed Economy if it doesn\u2019t contain the existing economic constraints that have even led to cancellation of support from the International Monetary Fund IMF.}} The Kingdom of Swaziland is the last absolute monarch in Africa. The African Development Bank (AfDB) has followed steps taken by the IMF to withdraw support […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[334],"hashtag":[],"class_list":["post-2425","post","type-post","status-publish","format-standard","hentry","category-news","tag-homenews","byline-igihe-reporter"],"bylines":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"contributors":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/2425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=2425"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/2425\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=2425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=2425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=2425"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=2425"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=2425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}