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King Mswati might not repay E1.6 billion Indian loan in 40-years, primary school children already indebted.

Thursday, 17th June, 2021

MBABANE: King Mswati might not repay the E1.6billion from India that was recently approved due to his unstable health condition, this means primary school and unborn children are already owing the Indian Government.

The Bill that was tabled by Finance Minister Neal Rijikernberg in Parliament in October 2020 suggests that the loan shall be paid in 40 consecutive annual installments after a grace period of five(5) years and this means Government will start paying the loan when the King celebrates his 58th birthday and it shall be completed when the absolute Monarch reaches 98 years.

The Export-Import Bank of India(Exim Bank) approved the E1.6 billion for the Eswatini Government meant to construct a new Parliament building.

But Mduduzi Simelane, the Siphofaneni Member of Parliament(MP) in his recent public address said it was surprising that Government was using such an amount of money to build a Parliament when the quality of debates within the current building does not benefit the people.

“It’s surprising that the Parliament to be constructed would be the most expensive in the SADC region but the quality of the discussions within Parliament is poor, an expensive Parliament at the time when the elderly are paid only E500” ,said the  Siphofaneni MP.

Questions were sent to Sabelo Dlamini, the Government Spokesperson, however, he had not responded at the time of compiling this report.

Reached for comments, Sibongile Mazibuko, the President of the Ngwane National Liberatory Congress(NNLC) said the King was entering into such loan agreements so that the people could  remain poor even after attaining democracy.

“That’s why we are urging the youth to stop this loan because we have a Parliament building so we don’t need this loan. If the construction would be awarded to Inyatsi Construction, that would mean the money would benefit the King through these projects. It is the youth that will pay this loan not the people who applied for it” said the NNLC President.

As reported by this Swaziland News, King Mswati has been in and out of Manzana Royal Hospital receiving treating for COVID-19, at first the Government denied that the King was sick but the absolute Monarch later confirmed in his Speech from the Throne after he recovered. Eswatini is a tiny Kingdom situated in Southern Africa with about 70% of the population living below the poverty line, the citizens across the country are currently participating in protests, demanding democratic reforms. 

King Mswati might not repay E1.6 billion Indian loan in 40-years, primary school children already indebted.
King Mswati