Reflecting on Botswana's 2021 budget speech

A lot was said. The speech was wide-ranging; it covered topics from achieving food security to the inefficacy of parastatals. Many of the issues touched upon were not new, such as high levels of youth unemployment; the inefficiencies associated with public spending; the perils of economic dependence on minerals; along with the stock and trade macroeconomic issues. There were almost no surprises, as almost all the issues brought up are part of the collective consciousness of Batswana.

A speech of this nature is also perhaps best analysed by paying attention to what it did not say or say in a cursory manner. To its credit, the speech did focus on development issues and clearly outlined steps the government was either taking or was going to take to address the issues.  However, toward the end of the speech (on page 29), the Minister of Finance and Economic Development, Thapelo Matsheka announced: “Mr Speaker it will also be necessary to borrow from external sources. My ministry is currently in negotiations with development finance partners for possible loans to finance budget deficits.”