Diamond savings fund deferred to 2017

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.