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Finance Ministry sees the budget deficit narrowing to 0.1 percent

mm by RMB Africa Research
September 19, 2022
in News
Reading Time: 1 min read
0
Foreign contractors paid a whopping P2.7bn in five years

GABORONE 7 February 2022, The minister of Finance and Economic Development Peggy Serame arriving to present the proposed budget for 2022/23 financial year to the National Assembly in Gaborone on 7 February 2022. Serame is the first female finance minister in the country to propose the national budget in the parliament. Serame is carrying a bag which is made in Botswana. (Pic: MONIRUL BHUIYAN/PRESS PHOTO)

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In a draft budget, Botswana’s Finance Ministry sees the budget deficit for 2023/24 narrowing to 0.1 percent of GDP, or P163m, from a revised 3.4 percent estimated in the current fiscal year, due to higher prices and strong demand for diamonds and fiscal consolidation.

The ministry expects domestic and external borrowings to finance the projected deficit, while forecasting a return to a budget surplus in the fiscal year through March 2025 of 0.1 percent of GDP and 0.4 percent in 2025/26. If achieved in March 2025, that would be the first budget surplus in two decades. The economy is projected to grow by 4.1 percent in the year through 2024, 3.3 percent in 2024/25 and 4.7 percent in the next fiscal year. According to the ministry, these forecasts could deteriorate if a diamond industry recovery is short-lived.

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