SA Loan to Swaziland hits a Snag

A ZAR 2.4bn loan that South Africa agreed to extend to Swaziland has hit a snag, but the landlocked kingdom, Africa’s last absolute monarchy, can survive without it, its finance minister said on Yesterday.

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.” Well spoken, Mr. Minister, we just hope you are really confident!

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