Swaziland's Macro-Economic Development Environment

^{Page 661 note 1} Funded in part by U.S. A.I.D. Contract No. PDC-1406–1–14–4090–00.

^{Page 661 note 2} The Swaziland Lilangeni (plural Elangeni or E) is at par with the South African Rand by treaty. During the early 1980s, the L ranged between E1.7–2.0 to U.S. $1.00, but declined to around par in August 1985 as a result of pressure on the Rand. After remaining stable during 1986 and for most of 1987, the L has appreciated very slightly since then against the dollar.

^{Page 662 note 1} International Monetary Fund, Swaziland–Recent Economic Developments (Washington, D.C., 1984), p. 29. S.A.C.U. receipts declined relatively in the early 1980s, but were rising again by 1987–1988, when they were anticipated to be E135 million, or some 42 per cent of the national revenue. The country's foreign economic policy has been well analysed by Bischoff, Paul-Henri, ‘Why Swaziland is Different: an explanation of the Kingdom's political position in Southern Africa’, in The Journal of Modern African Studies (Cambridge), 26, 3 09 1988, pp. 461–3.

^{Page 663 note 1} Sources: Swaziland, Prime Minister's Office, Department of Economic Planning and Statistics, Economic Review, 1982–1984 (Mbabane, 02 1984), and Economic Review and Outlook, 1986 (Mbabane, 1988). See also Central Statistical Office, Annual Statistical Bulletin, 1986 (Mbabane, 1988), and earlier versions. Unless indicated otherwise, all subsequent data are derived from these publications.

^{Page 665 note a} Now under ‘Other domestic exports’.

^{Page 665 note b} Mainly crude materials and equipment.

^{Page 665 note c} Figures rounded.

^{Page 670 note 1} World Bank, op. cit. p. 12.

^{Page 673 note 1} Information in this section from U.S. Army Corps of Engineers, ‘Swaziland. Water and Related Land Resources–Framework Plan’, Omaha, 1981, pp. 1–35.