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REUTERS<\/p>\n
Swaziland’s King Mswati III<\/p>\n
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Durban – South Africa\u2019s R2.4 billion bailout of Swaziland seems to be off the table – at least for now. <\/p>\n
The monarchy had failed to meet certain requirements and regulatory reforms, Finance Minister Pravin Gordhan said on Tuesday. No funds had been transferred to the country to date. <\/p>\n
South Africa had agreed to a R2.4bn loan to help Swaziland cope with a cash crisis in 2011, but insisted on political and economic reforms. <\/p>\n
DA National Council of Provinces member Alf Lees had asked Gordhan whether any money had been paid to the Swaziland government with regard to the proposed loan. <\/p>\n
\u201cSwaziland approached the Republic of South Africa for financial assistance which was required as a result of the impact of the global economic downturn on the kingdom during the 2011\/12 financial year,\u201d said Gordhan. A memorandum of understanding was negotiated following a decision to grant a loan from the South African Reserve Bank to the Central Bank of Swaziland. <\/p>\n
\u201cNo funds have been transferred to date. The loan was intended to come to Swaziland\u2019s aid and to assist the country with financial management. <\/p>\n
\u201cThe memorandum addressed fiscal policy, public financial management procedures and practices, legal frameworks and related rules that govern financial management,\u201d he said. <\/p>\n
The measures had been designed to help guide Swaziland to a position of financial health, Gordhan added. <\/p>\n
\u201cWhile officials from the respective finance ministries engaged on the various confidence-building measures, negotiations around a financial conditions agreement, which included the respective milestones and time frames for the implementation of fiscal and regulatory reforms, were never concluded,\u201d he said. <\/p>\n
The Catholic Bishops of Southern Africa and Cosatu expressed concern about the government\u2019s consideration of the loan. <\/p>\n
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