Facebook Feed

  • TDR 1000 returns February 3, 2023
    The Dakar Rally, considered as one of the toughest in many years, is now something of the past and South African Rally-Raid competitors proved their talent while local race vehicle manufacturers and constructors showed their worth and returned from […]
  • Orange splashes P15.4m on FA CupFebruary 3, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Orange Botswana through the Orange FA Cup has renewed its sponsorship with Botswana Football Association (BFA) for an additional three seasons valued at P5 138 000 00, an investment increase of 17%. The renewed collaboration will […]
  • Sefalana posts P4.9 billion revenueFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw Diversified retail giant Sefalana has posted impressive set of results for the half year period ended 30 October, with the company recording P4.5 billion in total revenue. Botswana Stock Exchange (BSE) listed home grown retailer released […]
  • BSB lists P1 billion bondFebruary 2, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Botswana Savings Bank (BSB) has listed a bond worth P1 billion with the Botswana Stock Exchange (BSE). The bond note programme will give BSB access to capital and provide alternative funding, reducing dependency on short- term […]
  • Botswana, OPEC seal P1.2 billion loan dealFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw The Minister of Finance Peggy Serame is highly confident that the P1.2 billion loan that Botswana has secured from the Organisation of Petroleum Exporting Countries Fund for the International Development Fund (OPEC) will boost the country’s […]
  • About Us
  • Advertise
  • Disclaimer
  • Contact Us
  • Login
  • Register
Monday, February 6, 2023
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home Business

COVID-19 harm Govt revenues

patriot by patriot
November 21, 2020
in Business
242 10
0
COVID-19 harm Govt revenues
491
SHARES
1.4k
VIEWS
ShareShareShare

The Minister of Finance and Economic Development Dr Thapelo Matsheka has regretted the devastating effects that the Covid-19 pandemic has cast on government revenues this year.

Dr Matsheka said government revenues would fall from P62.4 billion to P52.3 billion in 2020\21 financial year due to the big decline in mineral revenue from P20 billion to P10.5 billion.

The Director for Research and Financial Stability at the central bank, Bank of Botswana (BoB), Dr Alex Kganetsano conceded that government’s major sources of revenue will be deeply hurt.

Dr Kganetsano while giving economic forecast during the bank’s launching of annual report recently said that Southern Africa Customs Union (SACU) and mineral revenue were exposed.

He emphasized that two major revenue pools are exposed to volatility due to Covid-19 crisis.

To this end, Dr Kganetsano said the notion of economic diversification should become a real reality, urging government to diversify its revenues away from minerals.

Meanwhile, Botswana Federation of Public Sector Unions (BOFEPUSU) president Johannes Tshukudu said the pandemic affected the economy and therefore there is need to bank on local streams.

Tshukudu said BOFEPUSU has been closely monitoring the economic trends during the period of State of Emergency (SOE), buttressing the need for economic diversification.

“It has been expected that government will lose big but this causes concern for the workers. We were against the extension of SOE. Amid losses it will cause more harm,” he said.

Briefing World Bank Vice President for Eastern and Southern Africa, Hafez Ghanem, Matsheka said reduction in mineral revenue worsened the budget deficit projected to be at P13.6 billion.

“For Botswana specifically, the pandemic has had a massive and negative impact on economy, primarily due to the severe contraction of the global diamond industry as well as travel and tourism, the country’s two major sources of revenue,” added Finance minister Dr Matsheka.

 He went on to say that the GDP contracted by 24 percent year-on-year in second quarter of 2020; a large contraction but in line with expectations. In 2020 GDP is anticipated to fall by 9 percent.

To moderate against emerging devastating effects, the minister said government approved the Economic Recovery and Transformation Plan which is intended to support recovery and growth.

He said preparatory work to implement transformative projects has since commenced.

“Government approved the industry support facility to the tune of P1.3 billion. The facility will support general business with operating expenses and address other critical needs. These measures explain the large amount of deficit that is projected,” he said.

Government has since developed a comprehensive financing plan to pay for the economic recovery package, including the recent approval to raise the government’s local borrowing limits from P15 billion to P30 billion.

Related

Tags: COVID-19GovernmentGovtrevenue

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
  • TDR 1000 returns February 3, 2023
    The Dakar Rally, considered as one of the toughest in many years, is now something of the past and South African Rally-Raid competitors proved their talent while local race vehicle manufacturers and constructors showed their worth and returned from […]
  • Orange splashes P15.4m on FA CupFebruary 3, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Orange Botswana through the Orange FA Cup has renewed its sponsorship with Botswana Football Association (BFA) for an additional three seasons valued at P5 138 000 00, an investment increase of 17%. The renewed collaboration will […]
  • Sefalana posts P4.9 billion revenueFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw Diversified retail giant Sefalana has posted impressive set of results for the half year period ended 30 October, with the company recording P4.5 billion in total revenue. Botswana Stock Exchange (BSE) listed home grown retailer released […]
  • BSB lists P1 billion bondFebruary 2, 2023
    NANCY RAMOKHUA editors@thepatriot.co.bw Botswana Savings Bank (BSB) has listed a bond worth P1 billion with the Botswana Stock Exchange (BSE). The bond note programme will give BSB access to capital and provide alternative funding, reducing dependency on short- term […]
  • Botswana, OPEC seal P1.2 billion loan dealFebruary 2, 2023
    BAKANG TIRO editors@thepatriot.co.bw The Minister of Finance Peggy Serame is highly confident that the P1.2 billion loan that Botswana has secured from the Organisation of Petroleum Exporting Countries Fund for the International Development Fund (OPEC) will boost the country’s […]
The Patriot On Sunday

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?