Swaziland’s cash-strapped economy has taken yet another blow after the African Development Bank deferred its budget support for the country.
AfDB will no longer provide the $100 million budget support it promised to disburse over three years, Swaziland Finance Minister Majozi Sithole said, according to Swazi Media Commentary. The news comes just days after South Africa canceled a $300 million loan for the country.
Both AfDB and South Africa cited Swaziland’s failure to cut back spending and meet targets it agreed on with the International Monetary Fund as the basis of their decisions.
AfDB’s decision appears to cover only the mentioned budget support. It remains to be seen if support and loans for development projects in the country will be affected.
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