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Swaziland to receive financial bailout from South Africa

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Thursday, August 4, 2011

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King Mswati III praised South Africa for the bailout
Image: Amada44.

The small African nation of Swaziland will receive a financial bailout from neighbouring South Africa. The South African government agreed to a loan of 2.4 billion rand ($350 million) after several organisations including the International Monetary Fund (IMF) rejected King Mswati III's request for a bailout.

King Mswati III released a statement about the bailout saying, "We are thankful and also appreciate the assistance we have received from South Africa. This shows that they are good neighbours." He added "But it must be stressed that this is not a gift but a loan, which naturally should be repaid. This is why every Swazi must play his or her role by working hard wherever he is to ensure that the country gets back to its feet the soonest."

The King has been criticized for living with 13 wives in luxury while the majority of his country lives in poverty.

Despite the South African government's agreement, the bailout has been met with some concern. The opposition in South Africa said that the government should reject the loan as Swaziland is an "undemocratic state". However, the government has said that the bailout would bring stability to the state and surrounding region.

The loan is expected to help Swaziland, which is going through a financial crisis. The nation has reportedly been unable to pay some of its civil servants and could not afford antiretroviral drugs to treat HIV. Swaziland has the highest rate of HIV infection in the world.

Earlier this year, the country saw a wave of protests and demonstrations related to the economic situation.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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