xinhuanet.com

Botswana is in talks with the World Bank and the African Development Bank (AfDB) for possible funding of its economic recovery strategy.

Wilfred Madlebe, the permanent secretary in Botswana’s Ministry of Finance and Economic Development, made this announcement Saturday at a consultative meeting held with community leaders in Francistown, Botswana’s second largest city.

“Pursuant to the Chapter 5 of the Economic Recovery and Transformation Plan (ERTP) and the 2020 budget speech pronouncements, discussions with the World Bank and African Development Bank have been opened,” said Madlebe.

Botswana developed an ERTP mid last year with a view of supporting the restoration of economic activities and incomes in order to facilitate economic growth and accelerate economic transformation as well as building the resilience of the economy. Madlebe said the discussions have been opened with a view to source funding for the ERTP program as approved by the parliament of Botswana.

Botswana’s economy has been severely battered due to lockdown restrictions which disrupted economic activity and reduced income in the key diamond mining and sales sectors. Botswana’s economy is forecast to grow 7.7 percent in 2021 from a 8.9 percent contraction in 2020, on the back of improved sentiment in the global diamond industry, Thapelo Matsheka, Botswana’s former Minister of Finance and Economic Development, announced in February