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P3bn of the deficit will be financed from the domestic debt capital market

mm by RMB Africa Research
February 8, 2023
in News
Reading Time: 1 min read
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P3bn of the deficit will be financed from the domestic debt capital market

GABORONE 6 February 2023, The minister of Finance and Economic Development Peggy Serame presenting the proposed budget for 2023/24 financial year to the National Assembly in Gaborone on 6 February 2023. President Dr Mokgweetsi Masisi was present among the others during the presentation. (Pic: Monirul Bhuiyan/PRESS PHOTO)

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Finance Minister Peggy Serame, in the 2023 Budget speech on Monday, forecast Botswana’s growth to decelerate to 4 percent this year from a revised estimate of 6.7 percent for 2022.

The slower growth in 2022 is expected on the back of a slowdown in economic growth and possible recession in advanced countries. According to Serame, worsening global economic conditions may adversely affect diamond sales this year, with implications for export earnings and government revenue. Notably, the growth forecast of 6.7 percent for 2022 is significantly higher than the 4.2 percent forecast by the Finance Ministry in September due to better-than-expected performances in the non-mining and mining sector.

The budget deficit is forecast at P7.59bn or 3.1 percent of GDP in the year through March 2024, compared with a P4.9bn gap or 2.1 percent of GDP in the current fiscal year. As much as P3bn of the deficit will be financed from the domestic debt capital market, P2.7bn from external loans, and the balance from government reserves.

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