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
Shame on the Police!

According to a press statement from the police, unidentified armed men attacked on duty police officers at the station in the early hours of Tuesday.During the attack, the suspects stole 14 riffles, five pistols and an undisclosed number of ammunition.Although unconfirmed, it is alleged that the suspects were just carrying knives and axes, which they used to scare the men and women in uniform before they took them hostage to help themselves to...

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