Term:
Payment arrears
Definition:
Amounts that have not been paid by the date specified in a contract or within a normal commercial period for similar transactions. Payment arrears may arise from nonpayment by government in such areas as bills due from suppliers, due salaries or transfers, or due debt repayment or service.
Domain:
Finance
Source:
IMF, 2007, Manual on Fiscal Transparency, IMF, Washington DC, Glossary