Diamond savings fund deferred to 2017
Friday, February 06, 2015
The proposal contained in the 2015-2016 Budget Strategy Paper (BSP) released last September as part of a raft of changes to the fiscal rule, was initially earmarked for implementation in the coming financial year. But the proposal was conspicuously absent in the budget speech read by Finance Minister, Kenneth Matambo this week.
The secretary for Financial and Economic Policy, Taufila Nyamadzabo has told BusinessWeek that when first mooted, the proposal was meant to run concurrently with the next budget as well as the NDP11. “At the time the proposal was made the two processes were meant to run together but the delay in preparations of NDP11 meant that we had to defer the plan. This was a proposal that needed political approval and on advise from the Botswana Economic Advisory Council (BEAC), we had to defer,” he said.
While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...