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Swaziland says loan from SA 'not working out'

By Reuters | 2013-01-09 10:39:22.0 | COMMENTS [ 13 ]

A 2,4 billion rand ($280 million) loan that South Africa agreed to extend to Swaziland has hit a snag but the kingdom can survive without it, its finance minister says

The loan was agreed in 2011 as Swaziland grappled with an acute funding crisis. South Africa was due to release the first tranche of the bailout last year but the money never materialised.

“It would seem that it’s not working out,” Finance Minister Majozi Sithole told Reuters in Johannesburg, citing additional conditions set by South Africa.

“If we can’t get it because of any complications, it’s not a train smash for Swaziland. We will live without it.”

South African Finance Minister Pravin Gordhan told parliament in August that Pretoria would release the first 800 million rand subject to its tiny neighbour meeting certain fiscal and technical conditions.

The deal had initially hit problems when Swaziland objected to Pretoria’s demands for political and economic reforms in the southern African kingdom, criticised internationally over its ban on political parties.

The budget crunch, triggered by a sharp decline in receipts from a regional customs union, caused unprecedented protests against Swazi ruler King Mswati III, who has at least a dozen wives and a personal fortune estimated at $200 million.

Meanwhile, the majority of his 1,2 million subjects wallow in poverty.


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Let Mswati sell more land to the Qatari, and will wake up when he is left with his compound only.

2013-01-09 10:49:13.0 | 0 replies

ey Mugabe was not gonna return our money. Lets take it to NKandla

2013-01-09 15:32:28.0 | 0 replies

child4real, that does not make sense. Why would a human eat cow dung if he can rather just eat the grass?

2013-01-09 14:19:28.0 | 0 replies

They didnt wanna comply with our requirements because they wanted to squander,those corrupt and stupid heads....
It was last reported that in our little island things were bad that some families were living on cow dung,how sad and now all this fanciness...sies!

2013-01-09 14:14:03.0 | 0 replies

They will just do the same as they did last time and channel the cash through SADC. We bail these silly sods out on a regular basis. You wouldn't think such a small country could eat so much money

2013-01-09 13:07:20.0 | 0 replies

Why are we borowing those slave drivers money ???

2013-01-09 12:13:21.0 | 0 replies

SA has been bailing Swaziland out even during the Nats governance. When on earth are the Swazi people going to depose that despot?? He has a personal fortune of $200 mil, now where did he get that money from?? As I recall, his father was not worth that much when he died. Swaziland should be confiscated and intergrated into SA, alongside Lesotho, that we are also bailing out

2013-01-09 12:04:47.0 | 0 replies

M glad that it's "not working out"

2013-01-09 11:47:08.0 | 0 replies

we can borrow more aslong as i still have gf in swaziland ,

2013-01-09 11:30:37.0 | 0 replies

At the current exchange rate, 200 mil Dollars is about R1.6 billion. Not far from the entire amount we are to borrow them..... No problems there if the King were willing to share.

2013-01-09 11:05:22.0 | 0 replies

Let the king sell land and donate his $200 million to those less fortunate. Why must the country suffer or actually, why must South africa bail them out when the king has enough money and moreover, we have a lot of dependants what want state grant.

2013-01-09 10:54:53.0 | 0 replies