South Africa Bails Out Swaziland as Cash Crunch Fueled Riots
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South Africa agreed to lend Swaziland, Africa’s third-largest sugar producer, 2.4 billion rand ($356 million) to help its neighbor plug a budget shortfall that sparked riots in April.
South Africa’s government will guarantee the loan that will be paid through the central bank, Finance Minister Pravin Gordhan told reporters in the capital, Pretoria, today. Reserve Bank spokesman Hlangeni Mathebula had earlier said the loan was 2.5 billion rand.