SA’s loan to Swaziland not yet signed

2011-10-11 08:41

South Africa’s R2.4 billion loan to Swaziland was yet to be signed as King Mswati appeared to be reluctant to agree to the conditions, Business Day reported today.

South Africa’s Treasury confirmed yesterday that no funds had been transferred to Swaziland.

“The loan agreement has not been signed by the Swazi authorities and, as such, no money has been transferred to Swaziland,” said Treasury spokesperson Bulelwa Boqwana.

The kingdom was desperate for financial support after losing about 60% of its revenue from the Southern African Customs Union.

The first instalment of the loan was due to have been transferred to Swaziland in August, with subsequent payments credited in October and February.

As part of the agreement, Swaziland had to: align its fiscal policy to International Monetary Fund standards; allow South African experts unhindered access to improve the country’s fiscal and budgetary plans; create platforms to attract foreign direct investment; and institute reforms to stabilise Swaziland’s economy.

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