Data provided by iNet BFA
Loading...
See More

Swaziland too broke to pay salaries

May 11 2011 11:48 Sapa-Dpa

Related Articles

Swaziland the new Zim?

'Swaziland can't foot power bill'

IMF warns on Swaziland economy

Swazi police move to contain protests

New steps to curb corrupt civil servants

Civil servant strike toll unveiled

 
Johannesburg - Cash-strapped Swaziland will most likely be unable to pay civil servants their salaries, the finance minister was quoted as saying on Wednesday.

Majozi Sithole said the government might not find the funds for May salaries, and as yet has no solution for June, according to The Times of Swaziland.

The tiny country of 1.2 million people is run by an absolute monarch, whose lavish lifestyle often draws criticism.

Last month, the government cracked down on opposition protests, sparked in part by a freeze placed on public employees' salaries.

Swaziland is looking for loans worth up to $150m from the African Development Bank to inject urgently needed funds into its depleted coffers.

The International Monetary Fund has called for greater austerity in the country, in particular spending by the royals, and better accounting practices by the government. The fund has indicated the country would need financial support to meet its obligations.
NEXT ON FIN24X

Unions sign wage deal

2014-07-29 17:14

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No more nice-to-have shopping sprees

Fin24 user Asia writes how she managed to rehabilitate herself from splurging on feel-good items and keep clean from the bondage of lifestyle debt.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...