This discipline must continue and more should be done to reign in non-essential expenditures. Ladies and gentlemen, I wish to highlight the importance of keeping the contingent liabilities of the Government under control. The Government’s contingent liabilities have grown substantially over the past several years. Total contingent liabilities of the Government in 2009 were around $ billion, equivalent to about 26.5 percent of GDP.
This level of contingent liabilities is extremely high given the weak revenue base of the Government.