{"id":430666,"date":"2011-05-26T11:50:36","date_gmt":"2011-05-26T11:50:36","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/26\/govt-will-waste-adb-loan\/"},"modified":"2011-05-26T11:50:36","modified_gmt":"2011-05-26T11:50:36","slug":"govt-will-waste-adb-loan","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/","title":{"rendered":"Govt Will Waste ADB Loan"},"content":{"rendered":"<div readability=\"49.1440400959\">\n<hr class=\"thin clear\" \/>\n<hr class=\"thin clear\" \/>\n<p><a href=\"http:\/\/www.swazimedia.blogspot.com\" target=\"_blank\" rel=\"noopener noreferrer\">Swazi Media Commentary<\/a> (Swaziland)<\/p>\n<p>Richard Rooney<\/p>\n<p>26 May 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>opinion<\/p>\n<p>What exactly is the Swaziland Government going to do with the US$100 million (E1 billion) loan it hopes to get from the African Development Bank (ADB)?<\/p>\n<p>The Swazi House of Assembly has tabled a bill that allows it to seek out the loan and gives some details of the terms and conditions that will be placed on the Swazi people in trying to pay the money back.<\/p>\n<p>But nowhere does the government say how it money will be spent. The best it can come up with is that the billion will be \u2018for the provision of a budget support and for matters incidental thereto\u2019. The money will be kept in the consolidated fund. The consolidated fund is in effect the government\u2019s chequebook account and the money will be used as and when the government sees fit.<\/p>\n<p>Since no more detailed plans have been announced we must assume that the billion will not be invested in something that will generate income in the future; instead it will be used to pay off government bills.<\/p>\n<p>The loan is probably intended to keep the government afloat while its so-called Fiscal Adjustment Roadmap (FAR) kicks in. The FAR is a collection of expenditure cutting and revenue gaining measures that are meant to bring Swaziland\u2019s near-dead economy back to life.<\/p>\n<p>But, as the International Monetary Fund (IMF) said earlier this month (May 2011), the Swazi Government has so far failed to meet its own targets to cut spending cuts and collect revenue. And, with public servants adamant they will not accept pay cuts; there is not much hope of much change soon.<\/p>\n<p>So back to the one billion: if (and it\u2019s still a big \u2018if\u2019 following the last IMF progress report) the ADB hands over the money, it won\u2019t go very far in Swaziland.<\/p>\n<p>Majozi Sithole, the Swazi Finance Minister, said this month the government salary bill was E323 million per month and \u2018about E540 million is needed for the running of ministries\u2019.<\/p>\n<p>By my calculation that means the ADB loan is enough to keep the government running for about four months. Maybe it can stretch out a little longer, but unless the government cuts its expenditure and increases revenue now, it won\u2019t go much further.<\/p>\n<p>The House of Assembly was told on Monday (23 May 2011) that the loan would have to be repaid over 20 years. That\u2019s 20 years of debt for four months\u2019 respite for the government.<\/p>\n<p>We all know this government appointed by King Mswati III, sub-Saharan Africa\u2019s last absolute monarch, is incompetent and will waste any loan it is given. It would be better for the Swazi people if the ADB (and other global financial institutions) turned Swaziland\u2019s loan down and insisted on political reforms as well as financial reforms before it would entertain a revised application.<\/p>\n<p><\/p>\n<fieldset>\n<legend align=\"center\"><strong>More News on allAfrica.com<\/strong><\/legend>\n<\/fieldset>\n<p>AllAfrica &#8211; All the Time<\/p>\n<hr \/>\n<\/div>\n<\/p>\n<p>View original post here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/allafrica.com\/stories\/201105260804.html\" title=\"Govt Will Waste ADB Loan\" rel=\"noopener noreferrer\">Govt Will Waste ADB Loan<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Swazi Media Commentary (Swaziland) Richard Rooney 26 May 2011 opinion What exactly is the Swaziland Government going to do with the US$100 million (E1 billion) loan it hopes to get from the African Development Bank (ADB)? The Swazi House of Assembly has tabled a bill that allows it to seek out the loan and gives some details of the terms and conditions that will be placed on the Swazi people in trying to pay the money back. But nowhere does the government say how it money will be spent<\/p>\n","protected":false},"author":0,"featured_media":403384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-430666","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sports"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt Will Waste ADB Loan - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Govt Will Waste ADB Loan - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Swazi Media Commentary (Swaziland) Richard Rooney 26 May 2011 opinion What exactly is the Swaziland Government going to do with the US$100 million (E1 billion) loan it hopes to get from the African Development Bank (ADB)? The Swazi House of Assembly has tabled a bill that allows it to seek out the loan and gives some details of the terms and conditions that will be placed on the Swazi people in trying to pay the money back. But nowhere does the government say how it money will be spent\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Govt Will Waste ADB Loan\",\"datePublished\":\"2011-05-26T11:50:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/\"},\"wordCount\":502,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Sports\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/\",\"name\":\"Govt Will Waste ADB Loan - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2011-05-26T11:50:36+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Govt Will Waste ADB Loan - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/05\/26\/govt-will-waste-adb-loan\/","twitter_card":"summary_large_image","twitter_title":"Govt Will Waste ADB Loan - Ghanamma.com","twitter_description":"Swazi Media Commentary (Swaziland) Richard Rooney 26 May 2011 opinion What exactly is the Swaziland Government going to do with the US$100 million (E1 billion) loan it hopes to get from the African Development Bank (ADB)? The Swazi House of Assembly has tabled a bill that allows it to seek out the loan and gives some details of the terms and conditions that will be placed on the Swazi people in trying to pay the money back. 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