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
Implement the recommendations Mr. President

The nation is eagerly awaiting this report to have a glimpse of what the recommendations are like, possibly for further debate. Mr. President, it’s our ardent hope that true to your promises, the public will have an opportunity to peruse the report and see if it reflects their interests as the Commission went around the length and breadth of the country collecting views of the people with some choosing to write to the Commission’s...

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