Govt agrees to protect a portion of the Pula Fund

“There’s a process ongoing and I’m going to ask that I develop a law where we will look at the Pula Fund and see whether it is in right state as a sovereign wealth fund and if it’s not, then we will ask that we ringfence some of that money and no one can touch it without going back to the law,” Finance minister, Peggy Serame told legislators recently.

The Pula Fund, which houses the country’s savings comprising decades of budget surpluses and diamond revenues, was pegged at P53.1 billion in June. The fund took a beating during the pandemic and has been gradually recovering since, as the economy has regathered momentum.