MBABANE: Emmanuel Ndlangamandla, the Executive Director of the Coordinating Assembly of Non-Governmental Organisation(CANGO) said the continuous applications of loans amounting to billions by the government will result into a debt crisis for the country.
This comes after Neal Rijikernberg, the Minister of Finance tabled three Loan Bills in Parliament on Monday to secure funds amounting to E1.6billion from Export-Import Bank of India to construct a new Parliament building, E300million from the International Bank of Reconstruction and E600million from the World Bank.
Speaking this Swaziland News on Thursday, Ndlangamandla said it would be understandable if government was securing the loans to build an infrastructure like dams that will ensure food security and bring returns, he maintained that a Parliament building was not a priority at this juncture.
"Every country has a certain debt threshold that it should not exceed when borrowing and when it happen, the country will find itself in deep financial woes," he said.
The CANGO Director said loans secured for such infrastructure like the intended new Parliament building drains the tax payers as in most instances, there is no accountability. He warned that the tax payers are slowly losing patience in footing the bill for the reckless loan spree by government.
CANGO Executive Director Emmanuel Ndlangamandla