SWAZI BUDGET SNUBS IMF ADVICE

From Swazi Media Commentary Sat Feb 23 2013, 11:42:00

Swaziland's Government is on a collision course with the International Monetary Fund (IMF) after announcing extra spending on public service salaries and tax cuts for workers and companies.

The decision announced by Swazi Finance Minister Majozi Sithole in his budget speech on Friday (22 February 2013) also puts the kingdom at odds with global banks which it must rely on for loans.

In his speech to the Swaziland Parliament, Sithole announced a budget totalling E13.1 billion (US$1.9 billion), of which E5.2 billion (40 percent) would go on public sector salaries. This is an increase in salaries of E600 million on the previous year.

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