MBABANE:King Mswati has, through the Export-Import Bank of the Republic of China(Taiwan) Bill committed eSwatini into a three hundred million United States Dollars(about R5.4billion) loan, to be used in the construction of his Strategic Oil Reserve Project.
This is contained in the Strategic Oil Reserve Loan Bill tabled in Parliament on Wednesday and, the Bill is highly expected to be signed into law by Mswati after being ‘rubber-stamped’ by Members of Parliament(MPs).
But the project was approved by the King even before the tabling of the Bill in Parliament, emaSwati will pay back the money through tax for the next twenty-five(25) years.
The Bill suggests that, eSwatini will have a five(5)-year grace period and this means, emaSwati will start paying the Chinese Province-Taiwan the said R5.4billion from 2030 until 2050.
On another note, King Mswati, an absolute Monarch has deliberately ignored the health crisis amid shortage of drugs in public hospitals in favour of the Strategic Oil Reserve Project, dozens have died since the crisis erupted.
King Mswati(pic: Gov).