Gov't reserves fall further to P3.4bn

Friday, April 16, 2021

Balancing act: Matsheka is banking on the Economic Recovery and Transformation Plan PIC: KENNEDY RAMOKONE

Government reserves, which the Finance ministry traditionally dips into during times of crisis, were measured at P3.4 billion in December, a significant drop compared to P18.3 billion in December 2019, reflecting the pressure on local budget funds.

The reserves were P5.6 billion in November and were steadily declining throughout 2020 as the government tapped into them to support the budget after main revenues such as mining, collapsed due to the coronavirus (COVID-19) pandemic.

The latest Bank of Botswana (BoB) statements indicate that the reserves, known as the Government Investment Account (GIA), fell to about P5 billion in September then rose to P6.5 billion in October, before ending the year at P3.4 billion, an all-time low.

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Gov't reserves fall further to P3.4bn

Government reserves, which the Finance ministry traditionally dips into during times of crisis, were measured at P3.4 billion in December, a significant drop compared to P18.3 billion in December 2019, reflecting the pressure on local budget funds.