RETURN TO REPORTS DESK RESTRICTED WITHIN Report No. EA 13Za ONE WEEK This report was prepared for use within the Bank and the Association. It may not be published nor may it be quoted as representing their views. The organizations accept no responsibility for the accuracy or completeness of the contents of the report. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION CURRENT ECONOMIC POSITION AND PROSPECTS OF SWAZILAND March 6, 1962 Department of Operations Europe, Africa and Australasia CURRENCY EQUIVALENTS U. S. $1 = Rands 0. 71 R 1 = U. S. $1. 40 R 1, 000, 000 = U.S. $1, 400, 000 R 2 = b Sterling 1 TABLE OF CONTENTS Page SUMMARY I. INTRODUCTION 1 Political and Constitutional Situation 1 The Country and the People 1 II. DESCRIPTION OF THE ECONOMY 2 Agriculture 2 Mining 3 Industry 3 Electric Power 4 Roads 4 Imports and Exports 4 Employment 5 III. EONETARY AND FINANCIAL SITUATION 5 Monetary System 5 The Budget 6 The Development Program 6 The Public Debt 7 IV. CONCLUSIONS 7 STATIST"ICAL TABLES SU1MARY i. Swaziland is one of three British dependencies in southern Africa known as "High Commission Territories." It is a small country situated between the Republic of South Africa and Portuguese East Africa. Yost of its population of 250,000 are subsistence famers and many of them supple- ment their local incomes by spending part of their time working in South Africa. ii. There are, however, a number of economic potentialities which are beginning to be developed. A large asbestos mine was started after the war and provides a major addition to the countryts revenue. Irrigation farming and forest plantations, followed more recently by processing industries, are gradually changing the traditional economy. A large pulp mill is now under construction and arrangements have just been completed for opening up an iron mine and bulding a railway across the country to connect with the Portuguese railways and the Port of Lourenco MTarques. The exploitation of some coal deposits is also under consideration. iii. Swaziland is still too poor to develop its natural resources or even to maintain adequate social and economic services without outside assistance. To help with this task the Government is now receiving a grant-in-aid for its budget and is financing development out of grants and loans from the United Kingdom. However, although at the present time the Swaziland Government must rely on external assistance there are quite good prospects that economic development over the next few years will increase re-enue sufficiently to make a grant-in-aid unnecessaryo Mleanwhile, hora7er, the territory is not justified in incurring more than strictly limited amounts of debt on conventional terms. I. ITTRODUCTION Political and Constitutional Situation 1. Swaziland is a British dependency in southern Africa. It is one of three territories known as "High Commission Territories," the other two being Basutoland and the Bechuanaland Protectorate. The High Commission Territories are dependencies of the United Kingdom. In 1910, when the Union of South Africa was formed, it was thought that the territories would, in due course, be incorporated into the Union and it was for this reason the United Kingdom High Commissioner in South Africa was made, in effect, the Governor of all three territories. In practice, Swaziland is administered in much the same way as other dependencies of the United Kingdom. At the head of the adminis- tration is a Resident Commissioner who is responsible to the U.K. High Commissioner in South Africa instead of directly to London. The Office of the High Commissioner fulfills mainly a coordinating role and, in fact, effective authority is in the hands of the Government of the Territory. 2. Modern political development in Swaziland is still in its early stages. Only relatively recently have steps been taken to bring Africans and local Europeans together for joint discussion of governmental problems. A consti- tution is now being prepared which will establish new legislative and govern- mental bodies in which the European and African elements of the population will share political responsibility together with the Colonial service officials. 3. The African population consists almost entirely of members of the Swazi nation which has its own political organizations. The latter are strongly rooted in tradition. At the head is the Paramount Chief who is regarded somewhat as a constitutional monarch in that he is bound by the advice of a National Council composed mainly of local chiefs. A standing committee of the National Council constitutes the link between the Swazi nation and the Swaziland Government. This Committee also reports the Council's views on African affairs to the Government. The authority of the Swazi National Council covers a wide range of social and economic activities relating to Africans, including the imposition of levies and the management of a National Treasury, the maintenance of law and order, and certain responsibilities regarding African courts and education, The Country and the Peorle 4. With an area of 6,700 square miles, Swaziland is a small country -- the smallest of the High Commission Territories. It is bordered by the Republic of South Africa on three sides and by the Portuguese territory of Mozambique on the fourth. It has a varied topography including both moun- tains and low plains since it lies between the high veldt of the Transvaal and the low-lying area of Mozambique. The general elevation falls from west to east and there are three regions of major importance: the Highveld, the Niddleveld and the Lowveld. Temperature and rainfall vary with altitude but, on the whole, Swaziland is well-watered and has a favorable climate. - 2 - The Highveld, which is the largest region, has one of the highest rainfalls in southern Africa and enjoys cool temperatures. The Lowveld, however, is in the rain shadow of the Le'ombo range which runs along the eastern border, and can be hot and arid. The country has the advantage of being traversed roughly from west to east by some of South Africals best rivers, the Komati, the White Unbuluzi and the Great Usutu, all of which flow into the Indian Ocean. 5. Swaziland has a population of 243,000 Africans, 7,000 Europeans, and 2,000 Eurafricans or people of mixed origin. The European population, although small in numbers, includes a significant settler community which provides an important element of European enterprise. II. DESCRIPTION OF THE ECONOMY 6. Swaziland is primarily but by no means exclusively a farming and stock-raising country. Mining is growing in importance and new commercial and industrial activities are being established which are gradually changing the traditional economy. A,riculture 7. About half the area of Swaziland is owned and occupied by the native Swazi. The other half, apart from a small area of unallocated crown land, is owned by Europeans, but it produces almost all the cash crops and agri- cultural exports. The Swazi are traditionally pastoralists and own about two-thirds of the total number of cattle. Like most Africans, they prefer to keep their stock as long as possible and sell only when necessary. They are, however, coming to regard their livestock as a source of cash income. The increase in the Swazi population has been accompanied by a rise in the number of livestock which has led to some overgrazing and erosion. A program of soil conservation and stock improvement has been instituted and the prob- lem seems to be under control. 8. The most important dry land crop is maize, the staple diet of the Swazi. Cultivation methods, however, are primitive and local production has frequently to be supplemented by imports. With improved cultivation, it can be expected that yields of maize and other crops will increase so that Swazi agriculture may be gradually transformed from a subsistence to a cash crop basis. Cotton, tobacco and pineapples are the main cash crops. 9. During the last decade, several irrigation schemes have been developed. The most important is the Swaziland Irrigation Scheme which was started by the Colonial Development Corporation in 1950. The 16,000 acres which it now has under irrigation could eventually be increased by a further 19,000. The main crops are sugar, citrus and rice; livestock has also been intro- duced, but on a small scale. In spite of profitable sugar and rice produc- tion, the scheme has been in fInancial difficulties; it is now being reorganized and portions of the land will be leased to individual settlers. - 3 - At Big Bend, in central Swaziland, there are some 10,000 acres under irriga- tion with a similar crop pattern. There are other areas suitable for irrigation and it is expected that irrigated agriculture will ultimately play a more important role than dry land farming. It requires, however, considerable capital and very careful planning and management, and develop- ment will take time. Mining 10. The only mineral produced in quantity at present is asbestos. There are deposits of iron ore and coal which have still to be exploited. The asbestos is produced by one large mine at Havelock. In 1960 production amounted to 32,000 short tons which is sold to South Africa, the United Kingdom, France and Spain. Although subject to fluctuations in world market conditions, the value of output has increased during the last decade. The asbestos mine provides about 60%o of the Government's revenue from income taxes and is thus by far the most important single enterprise in the country. The reserves of the mine have not been fully explored but are believed to be very large. 11. An agreement has recently been reached with the Anglo-American Corporation, Guest Keen & Nettlefold and the Colonial Development Corpora- tion for the exploitation of an iron ore deposit in western Swaziland. A contract provides for the supply of 12 million tons of ore to the Yawata and Fuji steel companies over a period of 10 years. There is also an agreement for the construction of a 140 mile railway across Swaziland to the Mozambique border. From there the Portuguese will build a line to Goba to connect with the railway to the Port of Lourenco Marques. The Portuguese will operate the new line, under the responsibility of a Swaziland Railway Board which will shortly be established. While built primarily to evacuate iron ore, the railway will also handle general traffic. The estimated cost of the Swaziland section will be about R 16 million and the Anglo-American Corporation and the Colonial Development Corporation will provide the major portion of the capital. Industry 12. The principal industries in Swaziland are concerned with the processing of agricultural, livestock and forestry products. During the last five years there have been a number of new economic ventures and the prospects of further growth are quite favorable. Sugar - Among the most important of these are the construction of two sugar mills which followed an agreement with the Republic of South Africa for a share, amounting to 80,000 tons a year, of the South African internal market and export quota. Forest Products - Another important project is the establishment of the Usutu Pulp Company by Courtaulds, Ltd. and the Colonial Development Cor- poration (CDC). This company is constructing a i 10 million plant to produce 100,000 tons of unbleached sulphate pulp a year. The forest - 4- plantation which will provide the raw material for the plant was started by the CDC in 1948 and now consists of 119,0CO acres,. There are other large forest plantations in Northern Swaziland which are just about to reach the stage of exploitation but final decisions about the end product have not yet been reached. Electric Power 13. There are at present five small hydrdelectric plants in operation and the power supply will have to be expanded in order to meet growing demand. For some years past, the Government has been studying a hydroelectric scheme on the Usutu River. The towns of Mbabane and Bremersdorp would take up part of the output but so far the demand has not been sufficient to justify the scheme. However, now that a firm decision has been reached to proceed with the iron ore mine and the railway, the Usutu power project will undoubtedly be given a higher priority because of the increase in potential load. Roads 14. There are some 1150 miles of roads in Swaziland, of which 250 miles are trunk roads, 390 miles main roads and 510 miles secondary roads. Apart from one section of paved road, all the surfaces are either earth or gravelo Although the roads are fairly good in the dry season, they become very slippery and sometimes impassable during heavy rains, The road program adopted in 1958 has been essentially one of improving the principal roads to connect various centers of economic development in the territory and the growth in economic activity since 1955 has given this work a high priority. Road improvement and construction have been the largest single item of development expenditure. Imports and Exports 15. Swaziland has a customs union with the Republic of South Africa. The only statistics of exports and imports which are available for Swaziland itself have been compiled from returns made by traders and producers, and are therefore subject to wide margins of error. However, it is estimated that Swaziland's total exports in 1960 amounted to about R 12.2 million of which R 5.6 million were asbestos. Although mining, principally of asbestos, is still the main single source of the country's export revenue, the importance of agriculture has increased greatly during the past few years. In 1960 the total value of agricultural exports exceeded the value of mining exports for the first time. Sugar is the second largest export, representing 20% of the total. The remaining third is divided roughly equally between the crop products, including dairying, livestock and related products, and forest products. Total exports have doubled over the last decade. About two-thirds of Swaziland's exports go to South Africa, and the remainder principally to the United Kingdom. 16. Imports come from South Africaand the U.K. and consist largely of foodstuffs, building materials and consumers goods. Imports were estimated at R 8 million in 1959. Employment 17. About one-half of the Smazi are peasant farmers and the other half are wage earners. For many years most of the wage earners were employed outside the territory, mostly in the gold mines of South Africa. Uithin the territory, employment was provided only by the Havelock asbestos mine and the European farms. However, the recent introduction of large forestry and plantation enterprises, followed by that of processing industries, has expanded the local demand for labor. As a result, there are now slightly more Swazi employed within the territory than in South Africa. 18. The number of Swazi absent in South Africa at any given time represents close to one-fourth of the adult male population. In recent years earnings from migrant labor amounted to R 500,000, which is a substantial sum. But there are social and economic disadvantages to the migration system, for it limits the supply of good male labor at home and hampers the improvement of farming techniques and the development of African agriculture. III. MONETARY AND FINANCIAL SITUKTION Wonetary System 19. Swaziland is part of the monetary and customs area of the Republic of South Africa and uses the Scuth African currency, the rand (U.S, 1.40 equivalent). Consequently, no customs duties are collected by the Swaziland Government; instead it receives a fixed proportion of the customs and excise revenue of the Republic of South Africa. This proportion was agreed upon in 1910 and has not been changed since. At present it provides a little over 10% of the Swaziland Government's annual revenue. 20. Movements of goods and the transfer of funds across the border between Swaziland and South Africa are virtually uncontrolled and no estimates of the balance of payments have been made. They would, in any event, have little significance in present circumstances. 21. The two main features of Swaziland's financial situation are, firstly, the receipt of a grant-in-aid from the United Kingdom to help finance ordinary budget expenditure and, secondly, the financing by the United Kingdom of all development expenditure, partly by grants under the Colonial Development and Welfare Act, 1959, and partly by means of Exchequer loans. 22. The provision of a grant-in-aid follows upon a change in policy of the United Kingdom towards the three High Commission Territories which took place in the mid-fifties. It is the United Kingdom's normal policy to require That dependent t-erritories balance t:eir own budgets without assistance, Grants-in-aid are resorted to only in exceptional circumstances. The application of this principle to the territories, however, began to act as a brake on development since the great difficulty of raising additional revenue meant that they could not maintain the necessary infra-structure of public services, health and education. The rule that expenditure should be kept within the limits set by local revenue was therefore relaxed and budget expenditure was allowed to increase. This year Swaziland will exhaust the small surplus which she had accumulated and will receive budgetary assistance for the first time. The fact that the territory is grant-aided does not, therefore, mean that its economic position has been deteriorating; it reflects a more liberal financial policy by the United Kingdom. This policy has been accompanied by a significant increase in the allocation of Colonial Development and Welfare grants. The Budget 23. The current budget estimates envisage expenditure of R 4.1 million and revenue of R 3.3 million. The most important source of revenue is incomE tax which is expected to bring in R 1.5 million or 45% of the total. About R 1 million of this comes from the Havelock asbestos mine. Customs and excise amount to R 534,000 and native tax to R 145,000. 24. Revenue is rising gradually, as the territory develops. At present, it is largely dependent on asbestos production, fluctuations of which can affect the whole budget. However, other sources of direct taxation will follow the growth of economic activity and the dependence upon asbestos will progressively decline. A large portion of customs and excise revenue consists of the share received from the South African customs and excise and is therefore not under the control of the Swaziland Government. Unlike most other sources of revenue, native tax, which represents the bulk of African contribution to direct taxation, has remained at the same level for years. However, the African population is moving from a subsistence to a cash economy and there are plans for a complete overhaul of the system. This should produce a marked increase in revenue. 25. The need to maintain adequate standards of administration and to provide the social and economic services which are vital to the development of the country, are forcing budgetary expenditure up. Expenditures are increasing faster than revenue and financial assistance will be needed to balance the budget. Just how long budgetary grants-in-aid will be required is difficult to say. There are many unknown factors, especially on the revenue side, and the answer will depend on how rapidly the economy is capable of growing. Economic prospects are, however, quite favorable and it is reasonable to hope that Swaziland may be able to balance its current budget at some time in the future. The Development Program 26. Concurrently with the rise in budgetary expenditure, there has been a marked increase in expenditure on development. Before 1955, expenditure of Colonial Development and Welfare funds averaged about R 280,000 a year. From 1955 to 1960 it reached R 600,000 a year and for the 1960-64 period it should exceed R 1.0 million annually. There has also been a large increase in expenditure financed by loan from the United KinEdom. - 7 - 27. The development program for the period 1960-64 provides for expenditure of R 8.6 million, of which R 4.0 million will be met from Colonial Development and Welfare grants and R 4.6 million from Exchequer loans. Of the total, roads absorb 40%, education and health 20% and the remainder is divided between agriculture, telecommunications, water supplies, public buildings and housing. At the time this program was being drawn up, an Economic Survey Mission, headed by Professor Chandler Morse, visited the territory. This mission endorsed the new program but also made some recommendations for additional expenditure, the most important of which were for road improve- ments costing R 3.6 million. 28. In the middle of 1961 the United Kingdom announced that it would provide an additional £ 1.2 million for the three High Commission Territories of which Swaziland will receive approximately £ LSQ,000 This sum will go part of the way to meet the additional expornditure on roads recommended by the Morse mission. The Public Debt 29. The total public debt of Swaziland, inwl 'ding the loans required for the 1960-64 development plan, amounts to R 7.1 §ilion. Debt service at present is about R 340,G00 or about 10% of budget revenue. However, it will rise to R 710,000 by 1966-67 so that debt service may easily be 15% of revenue by then. For this reason, the Swaziland Government feels that further borrow- ing on conventional terms should be undertaken only for revenue producing projects. V. CONCLUS IONS 30. Swaziland has a variety of economic resources. Irrigation farming, forest plantations and minerals have contributed to economic expansion and it is to them that the country must look for increased prosperity in the future. Economic development is beginning to accelerate in Swaziland and prospects for further growth are favorable. The task of the Government is not so much to search for economic possibilities as to help create conditions in which known resources can be exploited to the best advantage. 31. The increase in the financial assistance from the United Kihgdom has enabled a certain amount of development work to be carried out. Although it is the smallest of the three High Com.iission Territories, both in area and population, Swaziland has received the lion's share of the assistance from the United Kingdom and this has enabled the Government to provide the basic services which are necessary if economic growth is not to be held back. Nevertheless, the economy is still too small to generate sufficient govern- ment revenue to provide and maintain these services without outside assistance. In these circumstances there is a good case for assistance on terms which do not place a heavy burden on the budget. STkTISTICAL TABLES Table No. Value of Imports and Exports 1 Public Loans and Loan Expenditure 2 Budget Estimates 1961/62 3 Budget - Revenue and Expenditure 1948/49; 1954/55 to 1961/62 4 Financing of Development Program, 1960-64 5 Agricultural and Pastoral Production 19c0 6 Estimated External Fublic Dab-t uI ttding as of April 1, 1960 7 Estimated Contractual Service Payments on External Public Debt Outstanding as of April 1, 1960 8 Table 1 Value of Imports and Exrorts (millions of rands, unless otherwise noted) Value of Exports 1956 1957 1958 1959 1960 Mineral Products 4.8 4.9 4.3 4.2 5.6 Other Products 2.4 3.3 3.5 4.1 50,6 Total 7.2 8.2 7.8 803 12,2 Value of Tmports 1956 1957 1958 1959 10 Total 4.4 6.4 6,6 7.9 n.a. Value and Quantity_of Main Exo:rts 1956 1957 198 1959 1960 Asbestos 4.8 4.9 4.3 4.2 5.6 (short tons) 30,000 31,000 25,000 25,000 32,000 Sugar - - - .8 2.3 (short tons) - - - 14,000 37,000 Slaughter cattle .8 .8 ,7 .8 1.0 (head) 14,CO 14,000 12,000 14,000 17,000 Clipboard .4 .7 .9 .7 .7 (short tons) 7,000 20,000 20,000 8.41/ 6.21 Seed cotton .4 .4 .4 .6 .5 (long tons) 2,600 3,200 2,600 4,900 4,200 Pineapple (fruits & canned) - - - - .5 (long tons) - - - - 1,500 Rice .4 .5 .4 .4 .3 (long tons) 4,300 5,900 4,900 - 4,200 Fruits - - - - .2 (long tons) - - - - 3,000 1/ Million square feet Source: Data supplied to the mission. Table 2 Public Loans and Loan Expenditure (in rands) Loans 1948-1959 Year of Expenditure Balance at Issue Amount to 3/31/59 3/1/59 1948 - - 1949 1950 - 1951 88,000 88,000 1952 - - 1953 129,OCO 126,794 2,206 1954 118,000 108,868 9,132 1955 - - 1956 342,670 341,924 746 1957 - - 1958 2,OCO,000 1,983,736 16,264 1959 739,6421/ - 739,642 Total 3,417,312 2,649,322 767,990 l/ Expenditure approved but loan not yet raised. ObJects of Loan Expenditure Total Expenditure Balance at Item all(-cation to 3/a1/59 3/11/59 Telecommunications 225,070 194,572 30,498 Housing, i.e. Government quarters 1,080,922 964,752 116,170 Roads: plants and construction 1,282,858 959,394 323,464 Water supplies 213,000 148,600 64,400 Sewerage 126,000 3,656 122,344 Electricity 376,648 309,242 67,406 Public buildings 112,814 69.l06 43,708 Total 3,417,312 2,649,322 767,990 Source: Basutoland, Bechuanaland Protectorate &:Swaziland; Report of an Economic Survey Mission, 1960. Table 3 Budget Estimates 1961/62 (in rands) Revenue Ex-endituro Customs and Excise 539,620 Public Debt 386,829 Electricity Supply 80,000 Central Administration 378,625 Fees for Services Rendered 156,800 Audit 17,596 Income Tax 1,561,815 District Administration 124,249 Interest 10,000 Education 590,580 Judicial Fines 22,000 Geological Survey and Mines 69,799 Licenses 123,070 Judicial 39,729 Mineral Tax (Royalties) 94,000 Land Utilization 458,265 Miscellaneous 79,411 Medical 336,464 Native Tax 145,0CO Pensions and Gratuities 136,800 Poll Tax 15,000 Police 301,194 Posts and Telegraphs 314,940 Posts and Telegraphs 212,088 Rent from Government Property 57,000 Prisons 87,449 Stamp Duties 60,000 Public Works Department 695,796 Transfer Duty 50,000 Public Works Department Electricity Supply 68,515 Miscellaneous 26.600 Public Works Department 3,335,256 Extraordinary 68,000 Grant-in-Aid from United Stores Department 86,813 Kingdom 606,000 3,941,256 Swazi Administration 96,465 Estimated Accumulated R 4,155,256 Surplus on Jan. 4, 1961 214.000 R 4,155,256 Source: Swaziland, Estimates of Revenue and Expenditure, 1961. Table 4 Budget - Revenue and Expenditure 1948/49; 195/55 to 1961/62 (in thousands of rands) Ordinary Ordinary C. D. and W. Grant-in Year Revenue Expenditure Expenditure Aid 1948/49 844 964 119 - 1954/55 1,911 1,834 342 - 1955/56 1,950 1,962 293 - 1956/57 2,415 2,105 677 - 1957/58 2,520 2,423 850 - 1958/59 2,650 2,827 827 - 1959/60 2,907 3,259 1,225 - 1960/61 3,125 3,640 765 - 1961/62 Estimates 3,335 4,155 1,800 606 Source: Basutoland, Bechuanaland Protectorate and Swaziland Report of an Economic Survey Mission, 1960. Data supplied to the mission. Table 5 Financing of Develonment Program, 1960-64 (in thousands of rands) CD & W Funds Loans Total Agriculture 496 496 Medical 838 838 Education 994 - 994 Telecommunications - 518 518 Roads 1600 1920 3520 Water Supplies - 426 426 Electric Power - 70 70 Housing - 816 816 Public Building - 560 560 Airfield - 100 100 Townships - 190 190 Uncommitted 74 - 74 Total 4002 4600 8602 Source: Swaziland, Development Plan 1960-64, Data supplied to the mission Table 6 Agricultural and Pastoral Production 1960 Quantitv Value Dryland Crops Maize n.a. n.a. Sorghum n.a. n.a. Cotton 4,200 short tons R 534,000 Tobacco 960,000 lbs R 106,000 Pineapples ( fresh & canned) 1,550 long tons R 252,000 Irri7ation Crops Sugar 58,300 long tons R 3,500,000 Rice 4,550 long tons R 330,000 Cattle Population 420,000 head Auction sales 9,600 head R 402,000 Export 17,000 head R 1,000,000 Production 50,000 head Butter 613,000 lbs. Wattle 70,000 long tons R 210,000 Sources: Swaziland, Report of Land Utilization Department for 1960. Data supplied to the mission. Table 7 Estimated External Public Debt OutstandinL as of April 1, 1960 (in thousands) Debt outstanding 1/ In pounds In U.S. dollar Item sterling equivalents Total Debt 3.567 2/ 9,98 4-1/2 Water.1978 79 2/ 222 4% Mbabane Electric 1974 52 2/ 146 5-3/4% Development 1971/76 167 467 5-1/2% Development 1978 1,000 2,800 6-1/2% Telecommunications 1962 8 22 6% Telecommunications 1974 258 722 5-7/8% Exchequer 1985 200 560 6% Exchequer 1985 100 280 60 Exchequer 1985 220 616 6% Exchequer 1985 3/ 460 1,288 6% Exchequer 1986 3/ 340 952 6% Exchequer 1986 7/ 680 1,904 Colonial Development loans 3 8 .1/ Including undisbursed amounts. 2/ Does not take into consideration sinking fund contribu- tions that may have accumulated. 3/ Interest rates not yet known but likely to be about 6%. Source: Estimated by Economic Staff on basis of data supplied by Swaziland Government. Table 8 Estimated Contractual Service Payments on External Public Debt Outstanding as of April 1, 19601/ (in thousands of U.S. dollar equivalents) Total Debt Outstanding Payments during Year Year Gross Amortization Interest Total 1960/61 9,987 52 230 282 1961/62 9,967 95 381 476 1962/63 9,905 147 561 708 1963/64 9,790 145 564 709 1964/65 9,678 152 557 709 1965/66 9,559 369 538 907 1966/67 9,223 476 520 996 1967/68 8,779 485 500 985 1968/69 8,326 494 473 967 1969/70 7,866 502 447 949 1/ Includes service on all debt listed in Table 1. Source: "Swaziland Public Debt-Statement of Interest and Redemption" prepared by Swaziland Government.