• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Mswati stalls on loan conditions

Oct 11 2011 10:26 Sapa

Related Articles

Mswati pleads for Greek-style bailout

SA loan to Swaziland delayed

Swaziland fiscal crisis deepening - IMF

SA to act if Swaziland defaults on loan

Swazis fight over SA money

Cosatu: Swazi loan will never be repaid

 

Johannesburg - South Africa's R2.4bn loan to Swaziland is yet to be signed as King Mswati III appeared to be reluctant to agree to the conditions, Business Day reported on Tuesday.

South Africa's Treasury confirmed on Monday 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," Treasury spokesperson Bulelwa Boqwana said.

The kingdom was desperate for financial support after losing about 60% of its revenue from the Southern African Customs Union, which had slumped due to slowing trade.

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.

 
imf  |  king mswati iii  |  swaziland  |  sa economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
9 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...