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Gov’t revisits ‘tighter’ fiscal rule as deficits persist

Wednesday, February 15, 2023 | 500 Views |

Balancing act: Serame’s budget postponed the return to fiscal stability and prolonged the deficits treasury has contended with since 2017–18 PIC: PHATSIMO KAPENG

The Finance ministry is revisiting a fiscal rule under which future recurrent budgets would be solely funded from non-mining revenues, while 60% of the country’s mineral earnings would be reserved for projects and skills development, BusinessWeek has learnt.

Under the rule, 40% of mineral revenues in any particular financial year would be saved for future generations, through investment in the Pula Fund managed by the Bank of Botswana.

The budget has been running deficits since 2017–18, peaking at P16.4 billion during the pandemic. This has eroded government savings and increased its debt pile while forcing Batswana to pay higher taxes, levies and others.

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