Cash-strapped Swaziland battles to secure loans

as the African Development Bank refused a US$150 million loan request.
The African Development Bank (AfDB) refused Swaziland the loan because the country has not met conditions set by International Monetary Fund, the finance minister said.
“Our sources say our request will only be considered once we meet the International Monetary Fund (IMF) benchmarks,” Finance Minister Majozi Sithole told the Times of Swaziland. “President of the AfDB is yet to communicate to us, and I believe he is also considering other options so that when he communicates he will let us into the options,” said Sithole. In a sign of how desperately Swaziland needs the cash, Sithole had urged the nation to pray on Tuesday for the loan’s approval. “This is a catastrophe for the hapless government,” the Times said in a comment. – AFP.