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Country · SWZ

Eswatini · Finances and debt

Source: IMF, World Economic Outlook (October 2026) · copied on 2026-11-11

Public finances and external accounts

A fiscal deficit of 7.8 % of GDP

Eswatini: in 2025, the general government spent 7.8 % of GDP more than it collected, public debt stood at 44.8 % of GDP, the current account showed a surplus of 2.4 % (IMF).

Fiscal balance · 2025
−7.8 %
of GDP · −3.6 pt since 2020
Public debt · 2025
44.8 %
of GDP · +7.1 pt since 2020
Current account · 2025
+2.4 %
of GDP · −4.4 pt since 2020

Fiscal balance, % of GDP

Negative: a deficit · dashed: estimates and projections

−8 % −6 % −4 % −2 % 0 % 2015 2020 2025 2030 Eswatini −0.2 Southern Africa −3.7 −8 % −6 % −4 % −2 % 0 % 2015 2020 2025 2030
  • Eswatini
  • Southern Africa

Source: IMF, World Economic Outlook (October 2026) · general government net lending or borrowing · group values weighted by GDP in dollars (Syli Atlas)

Current account, % of GDP

Trade, income and transfers with the rest of the world

−5 % 0 % 5 % 10 % 15 % 2015 2020 2025 2030 Eswatini 2.7 −5 % 0 % 5 % 10 % 15 % 2015 2020 2025 2030

Source: IMF, World Economic Outlook (October 2026)

Currency

Lilangeni

Eswatini belongs to the Common Monetary Area: the lilangeni is at par with the South African rand, which also circulates in the country.

Currency
SZL
lilangeni
Exchange regime
Fixed
1 ZAR = 1 SZL
Inflation · 2025
3.1 %
average annual change in consumer prices

Currency codes: ISO 4217 · fixed parities: central banks (BCEAO, BEAC, Central Bank of the Comoros, Bank of Cape Verde…) · inflation: IMF, World Economic Outlook (October 2026)

Debt

A debt owed first to multilateral lenders

At the end of 2025, Eswatini owed 1.2 bn$ in public external debt (World Bank). 17.7 % of it was owed to China, 63.1 % to multilateral institutions and 6.0 % to bond holders.

Debt of the 54 countries →
Public debt · 2025
44.8 %
of GDP · IMF
External debt · 2025
1.6 bn$
public and private · World Bank
Public external debt · 2025
1.2 bn$
owed or guaranteed by the State
Debt service · 2024
3.5 %
of exports of goods, services and income

Public external debt by creditor

Share of the total at the end of each year

2015
2020
2025
Multilateral (IMF, World Bank, AfDB…)
63.1 %
China
17.7 %
Other countries
12.5 %
Bonds (Eurobonds)
6.0 %
Banks and other private lenders
0.8 %

Source: World Bank, International Debt Statistics (updated 2026-11-05) · public and publicly guaranteed external debt, end of year · CC BY 4.0 · shares: Syli Atlas calculation