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Thursday, 23 June 2011

AFRICA BANK DELAYS SWAZI LOAN

The African Development Bank (ADB) has delayed a loan to Swaziland until the kingdom enforces greater economic discipline.

The Wall Street Journal newspaper today (23 June 2011) reports Donald Kaberuka, the president of the bank, saying, ‘The numbers are quite bad. They were supposed to meet income tax in June and didn't; they were supposed to hold a certain amount of reserves and didn't; they were supposed to act on their wage bills, and they haven't—and for me, those are quite important issues.


The Swaziland Government had hoped to get a loan of US$100 million to help it get through the next few months while it got its economic house in order. Without the loan it will find it hard to pay public service salaries.


To read the full Wall Street Journal report, click here.

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