The Swaziland ruling regime has lost legitimacy and the collapse of the Swazi economy has not made their case any easier. However, writes Manqoba Nxumalo in the latest edition of the Daily Maverick, what is worrying is the silence of the International Monetary Fund (IMF) on these developments.
The IMF has been scrutinising the government’s account books, but has not once talked about the root cause of the economic problems in Swaziland. Instead of acknowledging the political problem that caused the economic collapse in the first place, the IMF is suggesting structural-adjustment programmes and privatisation.
The economy has collapsed mainly because of, among other things, the exorbitant cost of the upkeep of the royal family, as well as pervasive corruption. For example, in the wake of the calls from higher authorities for fiscal prudence as receipts from Southern African Customs Union dropped to an all-time low, adding pressure to sluggish economic growth, the royal family’s budget was increased.
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