SA Accept Swazi Loan Request
Yesterday, the Department of International Relations finally confirmed that strapped Swaziland has approached SA for financial assistance. SA has denied reports of a loan request by the kingdom over the past few weeks. The Swaziland government proposed an indefinite pay freeze and salary cuts for public servants In March. The kingdom was also struggling to meet its international obligations, according a report.
Lindani Mbunyuza, Treasury spokeswoman blamed a fall in revenue from the Southern African Customs Union (Sacu) for Swaziland’s financial woes. Ms Mbunyuza said the Sacu revenue pool has been reduced As a result of the recession. This impacted more on smaller countries like Swaziland and Lesotho, she added. Sacu’s senior officials will held an emergency meeting today in Pretoria. Ms Mbunyuza said this meeting to discuss a plan to assist Lesotho and Swaziland. Ms Mbunyuza refused to give details on the loan amount requested by Swaziland.
Yesterday, Catherine Grant-Makokera, The head of economic policy at the South African Institute of International Affairs said t it was in SA’s interests to devise a financial package as Swaziland’s currency was pegged against the rand. The SA’s government have urged by Swaziland’s Solidarity Network not to grant the loan without imposing political conditions.
