World Bank to bail out Eswatini with $75 million loan

For Eswatini's post-Covid-19 rehabilitation, the World Bank just authorized a $75 million dollar loan.

The country director of the World Bank for Eswatini, Marie Francoise Marie-Nelly said that this loan will go to support the country's reform program to generate a recovery that is sustainable. 

Moreover, the World Bank chief said that the funding will help Eswatini's post-Covid-19 economic recovery efforts.

To further help Eswatini's government, she said that a portion of the funds will be utilized to support the implementation of essential structural reforms aimed at improving public financial management as well as enhancing accountability in government.

Furthermore, Marie Francoise Marie-Nelly claimed that a portion of the loan will be utilized to alleviate poverty.

For the poor and most vulnerable, the money will be used to support policies and institutions that will not only safeguard people's lives and careers but also provide economic possibilities for them and enhance public service delivery, according to her.

The current credit agreement between the World Bank and the government of Eswatini is for rehabilitation and development, according to the Ministry of Finance of Eswatini.

An additional five-year grace period will be given to repay the loan in 16 semi-annual installments at a fixed rate of 0.65 percent each year, according to the ministry.

Eswatini's economy was badly harmed by the coronavirus outbreak and the subsequent crises in the country.

Eswatini's economy needs this money now more than ever to get back on track.