Local time: Thursday, 18 October 2018 14:44:18hrs
I am looking for: 

ADB commends Botswana for good economic growth
16/10/13
The African Development Bank (ADB) has commended Botswana for maintaining good economic growth and healthy foreign reserves. Ms Petronnella Mwanyala, the executive director of the ADB constituency office, said the bank recognised Botswana’s achievement as GDP growth had been steady and the country also had good exceptional foreign reserves, adding that the bank hoped that this would be maintained. Ms Mwanyala said during her recent courtesy call on the Assistant Minister of Finance and Development Planning, Mr Vincent Seretse, that Botswana had been able to maintain its debt level below the statutory 20 per cent, but said maybe it was time it was revisited to enable the country to undertake infrastructure development.

The African Development Bank (ADB) has commended Botswana for maintaining good economic growth and healthy foreign reserves.

Ms Petronnella Mwanyala, the executive director of the ADB constituency office, said the bank recognised Botswana’s achievement as GDP growth had been steady and the country also had good exceptional foreign reserves, adding that the bank hoped that this would be maintained.

Ms Mwanyala said during her recent courtesy call on the Assistant Minister of Finance and Development Planning, Mr Vincent Seretse, that Botswana had been able to maintain its debt level below the statutory 20 per cent, but said maybe it was time it was revisited to enable the country to undertake infrastructure development.

She said the continental bank realised that Botswana faced numerous challenges, especially in the areas of water and energy, adding that it was looking into how it could help the country in the area of water.

The ADB partially financed Morupule B Power Plant but the bank had concerns over balances. Ms Mwanyala said the government had to decide whether or not to return the funds or use them elsewhere.

Botswana was given a loan to undertake the construction of the 600 MW coal fired power station at the time the world was experiencing recession therefore the terms were favourable.

However, following improvement in the global economy, a huge balance remains unused. She further called upon the government to submit names of people who had to be compensated.

She added that the Morupule issue tarnished Botswana’s portfolio, which she described as good. She asked Botswana to make the ADB bank her first point of entry when looking for loans.

For his part, Mr Seretse said despite the numerous strides Botswana has made, the country continued to face challenges such as poverty and unemployment.

Mr Seretse told the ADB representative that Botswana suffered shortage of water. The dams that the government built were not helping because there were no rains. He added that the government was rehabilitating boreholes to augment water supply and could ask the ADB for help.

He said although Botswana was classified as a middle income country, it was still grappling with issues experienced by developing countries.

About the Morupule B balances, Mr Seretse said the government was yet to decide whether to return the money or use it elsewhere.

He added that the government could not increase the debt ceiling because it was cautious about the global economy. Botswana’s debt ceiling is 40 per cent, that is, 20 per cent locally and 20 per cent externally. Ends

Printable version
Copyright © 2011 Government of Botswana. All rights reserved.