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    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

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Government Allocates P563m to Transform NDB into an Agricultural Bank

mm by Leungo Mokgwathi
March 4, 2024
in News
Reading Time: 1 min read
0
Botswana’s 2021 GDP growth will outpace finance ministry and IMF’s projections

GABORONE 7 February 2022, The minister of Finance and Economic Development Peggy Serame presenting 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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The Ministry of Finance has set aside P563 million in the 2024/2025 budget to rejuvenate and oversee the transition of the National Development Bank (NDB) into an Agricultural Bank.

Finance Minister Peggy Serame made this announcement during her presentation of the 2024/2025 Recurrent and Development Budget proposals in parliament on Tuesday. Serame emphasised the government’s dedication to enhancing food security and fostering agricultural progress. She revealed that part of the transformation agenda includes revamping the Agricultural Credit Guarantee Scheme (ACGS).

Originally established in 1986, the ACGS aimed to aid dry-land farmers in alleviating debt burdens resulting from crop failure due to natural disasters like droughts, floods, frost, and hailstorms. The scheme encompasses three primary operations: Seasonal inputs (such as fertilizers, seeds, and crop production fuel), Farm/Field development (including de-stumping, land clearing, and labor for arable dry-land operations), and Farm Machinery and Equipment.

The revamped ACGS will integrate the Temo Letlotlo Weather-Based Crop Insurance (WBCI), designed to mitigate crop loss risks. In line with this initiative, a service provider was appointed in November 2023, and a budget of P100.98 million has been allocated for procuring services and managing the reformed scheme.

For the current financial year, the Ministry of Agriculture has secured an approved budget of P3.5 billion, comprising a recurrent budget of P1.5 billion and a development budget of P2 billion. The key components of the development budget include allocations for the Ministry’s Headquarters, the Temo Letlotlo Programme, which commands the largest share amounting to P500 million, the LIMID Programme, and the completion of the ISPAAD Programme. Meanwhile, the Recurrent Budget covers Personnel Emoluments for Ministry Staff, Subventions for State-Owned Enterprises, and other operating expenses for various Ministry Departments.

Tags: AgricultureMinistry of FinanceNDBPeggy Serame

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