Higher SACU receipts help trim 2018/19 deficit

Friday, January 11, 2019

Higher than anticipated Southern African Customs Union (SACU) revenues helped fiscal authorities move from a deficit of nearly P3 billion in the first quarter of the 2018/19 budget, to a small surplus of P234 million by October, BusinessWeek has established.

Last February, Finance Minister, Kenneth Matambo projected a deficit of P3.6 billion, revising this in September to P4.6 billion, mainly due to revenues being diverted to Debswana mega-projects.

Government, as a shareholder in Debswana, has funding obligations to the diamond miner’s upcoming projects, which include Cut 9 at Jwaneng and Cut 3 in Orapa.

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