{"id":466534,"date":"2011-07-22T11:29:14","date_gmt":"2011-07-22T11:29:14","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/22\/south-africa-agrees-to-u-s-200-million-bailout\/"},"modified":"2011-07-22T11:29:14","modified_gmt":"2011-07-22T11:29:14","slug":"south-africa-agrees-to-u-s-200-million-bailout","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/22\/south-africa-agrees-to-u-s-200-million-bailout\/","title":{"rendered":"South Africa Agrees to U.S. $200 Million Bailout"},"content":{"rendered":"
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Southern Africa Report<\/a> (Johannesburg)<\/p>\n

21 July 2011<\/p>\n

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The South African Cabinet has agreed in principle to grant Swaziland a R1,4-billion (US$202-million) – slightly higher than the R1,2-billion originally reported (SAR Vol 29 No 18 and No 19).<\/p>\n

It has not yet considered a detailed proposal – promoting Ministers, Finance’s Pravin Gordhan and International Relations’ Maite Nkoana-Mashabane, are awaiting a demonstration by Swaziland that it is willing to implement a fiscal austerity programme before they finalise the deal (see Mswati’s options narrow elsewhere in this issue<\/a>).<\/p>\n

It is unlikely that the facility will be routed through the Southern African Customs Union, as originally planned. A Sacu arrangement would limit the risk of default – quarterly Sacu disbursements are handled by South Africa, enabling Pretoria to deduct repayments at source. But it has several disadvantages: South Africa it would register as a deficit on the books; for Swaziland it would necessarily be lent at near-commercial rates and may thus be unaffordable.<\/p>\n

The alternative appears to be a loan to the Central Bank of Swaziland.<\/p>\n

This would allow Pretoria to set a softer interest rate than would be necessary on an advance on Sacu revenues. Pretoria could, however, still mitigate its risk by arranging to deduct repayments from Swaziland’s Sacu allocations.<\/p>\n

As South Africa made clear when discussions started on the sidelines of the SADC Sandton Summit (11-12 June 2011), it is limiting its support to financing Swaziland’s budgetary shortfall (see SAR Vol 29 No 18), and will administer the loan from Pretoria.<\/p>\n

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\nSouth Africa Agrees to U.S. $200 Million Bailout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Southern Africa Report (Johannesburg) 21 July 2011 The South African Cabinet has agreed in principle to grant Swaziland a R1,4-billion (US$202-million) – slightly higher than the R1,2-billion originally reported (SAR Vol 29 No 18 and No 19). It has not yet considered a detailed proposal – promoting Ministers, Finance’s Pravin Gordhan and International Relations’ Maite Nkoana-Mashabane, are awaiting a demonstration by Swaziland that it is willing to implement a fiscal austerity programme before they finalise the deal (see Mswati’s options narrow elsewhere in this issue ). <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-466534","post","type-post","status-publish","format-standard"],"yoast_head":"\nSouth Africa Agrees to U.S. $200 Million Bailout - 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\/07\/22\/south-africa-agrees-to-u-s-200-million-bailout\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"South Africa Agrees to U.S. $200 Million Bailout - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Southern Africa Report (Johannesburg) 21 July 2011 The South African Cabinet has agreed in principle to grant Swaziland a R1,4-billion (US$202-million) - slightly higher than the R1,2-billion originally reported (SAR Vol 29 No 18 and No 19). 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