A budget on the brink

Friday, February 13, 2026 | 180 Views |

Balancing act: Gaolathe delivered his second budget speech on Monday

Draft estimates released this week suggest that government will seek P26.6 billion in net borrowings locally and externally to cover the deficit in 2026-27. Each thebe comes at an interest cost as well as the risk that any abuse, inefficiency or misspending could trigger a debt crisis, writes MBONGENI MGUNI

In the last nine financial years, the budget has run consecutive deficits amounting to hundreds of billions of Pula, each one contributing to the draining of government’s savings and necessitating increasing levels of public debt.

The upcoming 2026-27 financial year, which kicks off on April 1, will not be different and is expected to incur a mammoth deficit of P26.4 billion or nearly nine percent of Gross Domestic Product (GDP).

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