BY MBONO MDLULI
MBABANE – Government has borrowed money amounting to over E6.1 billion during the 2022/23 financial year.
This is contained in the Financial Audit Report on the Consolidated Government Accounts of the Kingdom of Eswatini for the financial year ended March 31, 2023. Government secured five loans during this financial year, amounting to an exact amount of E6 105 543 441.
The first loan was secured on April 5, 2022 and it was Phase I of the Support for Economic Recovery and Inclusive Growth. It was secured from the African Development Bank (AfDB). The AfDB borrowed E690 640 560 (USD36 million) to Eswatini.
The next loan amounted to E1 438 834 500 (USD75 million) was secured from the International Bank for Reconstruction and Development on May 16, 2022. The loan was for Eswatini Economic Recovery Development Policy Loan II.
On August 29, 2022, an amount of R2 684 billion (which is the same amount in Emalangeni) was secured from AfDB and it was for the implementation of the Mkhondvo Ngwavuma Water Augmentation Project (Phase I). The AfDB also loaned out E767 378 400 (USD40 million) to Eswatini on October 20, 2022. This loan was for the Emergency Food Production Programme.
The last loan to be secured by Eswatini during this financial year was from the International Bank for Reconstruction and Development. It was for an amount of E524 694 981 (USD27.350 million) and it was secured on March 30, 2023. It was for Strengthening Early Childhood Development and Basic Education Systems.
