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Gov’t reserves bounce back on diamond revenues

Optimistic: Mandlebe says the country’s fiscal stability is slowly improving
Optimistic: Mandlebe says the country’s fiscal stability is slowly improving

Government reserves, as housed in the Government Investment Account (GIA), rose to P18 billion in May, the highest level since COVID-19 arrived in the country, BusinessWeek has learnt.

The reserves, managed by the Bank of Botswana (BoB), dropped to a record low of P3.3 billion in December 2020 due to withdrawals by treasury to finance the pandemic response. The reserves were measured at P18.3 billion in April 2020 when the virus was first confirmed in the country and have remained below that level since then.

Appearing before recent Parliament’s Public Accounts Committee, Finance Ministry permanent secretary, Wilfred Mandlebe said the rebound in diamond exports last year had helped the reserves to their strongest position in two years.


Editor's Comment
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A network of high-tech cameras is now live, and they will be watching motorists every move behind the wheel. For the safety of everyone on the roads, drivers must take this wake-up call seriously or be prepared to face the consequences. These are not just speed traps. The new detecting devices are sophisticated. They will catch you running a red light, speeding, or driving an unregistered vehicle. They will spot the driver who is not wearing a...

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