Budget deficits expose Botswana to credit rating downgrade

Friday, October 13, 2017

Matambo sees expenditure outweighing revenues for the next three years

Analysts fear international ratings agency, Standards and Poor’s (S&P) might this month downgrade Botswana’s sovereign credit ranking due to the country’s widening budget deficits that have potential to deplete government savings in the Pula Fund.

The Budget Strategy Paper for the 2018/19 financial year projects the budget deficit for the current financial year to increase from P2.35 billion announced by Finance Minister, Kenneth Matambo in February to P6.5 billion.

The deficit is seen widening to P8 billion in the next financial year leading to cumulative budget gap of P15 billion by 2020, a development that is contrary to government’s commitment in NDP 11 to reign in budget deficits.

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Budget deficits expose Botswana to credit rating downgrade

Analysts fear international ratings agency, Standards and Poor’s (S&P) might this month downgrade Botswana’s sovereign credit ranking due to the country’s widening budget deficits that have potential to deplete government savings in the Pula Fund.