2025-03-09-世界银行-斯威士兰公共财政审查_利用财政调整取得更好的发展成果（英）_94页_8mb

Eswatini Public Finance Review Summary

1. Key Findings

• Economic Context: Eswatini's economy has historically underperformed (average growth of 2.8% since 2010) due to oversized public sector, volatile SACU revenues, and public debt accumulation.
• Fiscal Challenges: Key issues include revenue shortfalls, expenditure inefficiencies, growing public debt (40.4% of GDP in 2023), and significant expenditure arrears (4.9% of GDP).
• Social Indicators: Poverty remains high (58.9% below $2.15/day), with high inequality (Gini coefficient 54.6%) and stagnant health outcomes despite increased spending.

2. Revenue Mobilization

• Current Performance: Tax revenues average 25% of GDP, below regional peers; SACU transfers are volatile but constitute 12% of GDP.
• TaxGaps: Estimated tax gap of 5% of GDP; weaknesses in tax administration and high tax expenditures (13% of GDP in 2022).
• Recommendations: Strengthen tax collection (e.g., enhance e-filing, investigate evasion), broaden tax base, implement carbon tax concepts, introduce property tax.

3. Expenditure Management

• Wage Bill: Public sector wages account for 10.4% of GDP, constraining other spending; high public sector wage premium (61% vs private sector) harms competitiveness.
• Health Expenditure: Health spending is inefficient (6.9% GDP); inefficiencies due to poor planning, supply chain issues, and weak financial management.
• SOE Challenges: 49 SOEs drain finances; reforms needed to reduce transfers and improve governance.

4. Public Investment Management

• Inefficiencies: Low capital execution rates (54.6%); weak project preparation and implementation.
• Climate Integration: Mainstream climate considerations into investment planning to improve resilience and access climate finance.
• Recommendations: Strengthen project appraisal, implement Treasury Single Account, integrate climate adaptation.

5. Health Expenditure

• Inequalities: Unequal service access by region and wealth; high maternal (237 deaths/10k births) and infant mortality.
• Supply Chain Issues: Chronic shortages of medicines; payment delays harm suppliers.
• Recommendations: Adopt strategic purchasing, improve primary care, enhance data-driven budgeting.

6. Policy Recommendations

• Fiscal Consolidation: Reduce wage bill, implement Revenue Stabilization Fund, enhance revenue forecasting.
• Digitalization: Rollout IFMIS and e-procurement to improve efficiency.
• Public-Private Partnerships: Leverage private sector to address service gaps.

References and Data Tables Provided in Full Document