WILL SACU BAIL OUT SWAZILAND?

An emergency meeting is to be held by Southern Africa Customs Union (SACU) senior officials in Pretoria today (24 June 2011) to discuss a plan to give financial assistance to Swaziland.

The African Development Bank has refused to grant Swaziland a US$150 million loan to help it meet public service salaries and other expenses while the Swazi Government tries to take control of the economy it has all but destroyed. It is highly likely it will be unable to pay public servants’ salaries.

The Swaziland Government has so far failed to convince the International Monetary Fund that it is capable of delivery financial reforms in the kingdom and therefore can be trusted with a loan.