Moody�s sees a wider budget deficit for Botswana

Kenneth Matambo
Kenneth Matambo

Botswana’s projected P4 billion budget deficit for the 2015/16 financial year could turn out to be much larger due to the downturn in the diamond market, credit rating agency, Moody’s says.

The 2016-2017 Budget Strategy Paper (BSP) released by the finance ministry last week, estimates the economy to grow by 2.6 percent while the budget balance is now seen posting a deficit of P4.03 billion or 2.6 percent of GDP.

In February, finance minister Kenneth Matambo announced a growth target of 4.9 percent for 2015, while the budget was seen posting a surplus of P1.23 billion or 0.8 percent of GDP. The revision of the 2015/16 budget outrun was largely attributed to a P3 billion fall in SACU revenues, which are paid in advance for the 2015, from the original estimate of P16.34 billion (29.5 percent of GDP) to P13.75 (26.6 percent of GDP).

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