Call for clear rules on Pula Fund drawdown

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There is an increasing need to formulate rules on the use and management of the country's reserves in the Pula Fund as revenues from diamonds gradually diminish, government has been advised.

The Fund, which stands at P48 billion, is a sovereign wealth reserve comprising both national savings built from historical budget surpluses and mineral revenues as well as foreign reserves in excess of the country's medium-term requirements.

A report by the Organisation for Economic Co-operation and Development (OECD), titled: ‘Export Restrictions On Raw Materials: Botswana Experience’ says the fund needs transparent and clear rules.

Editor's Comment
No room for perjury

It seems some government accounting officers, sworn to tell "the truth, the whole truth, and nothing else but the truth" before Almighty God, may have deliberately lied during the committee’s vital work. If proven, this is not merely unprofessional; it is perjury, a serious criminal offence and it strikes at the very heart of responsible government.The PAC’s role is fundamental. After each financial year, it painstakingly examines how public...

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