Botswana: 2024 Article IV Consultation-Press Release and Staff Report

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2024 Issue 286

Publication date: September 2024

ISBN: 9798400288135

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Topics covered in this book

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Exports and Imports , Inflation , Public Finance , Expenditure , Imports , Inflation , Government debt management , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Trade balance

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Summary

Botswana is experiencing a significant slowdown from a diamond market contraction in 2023–24. Inflation has declined sharply since the peak of mid-2022 and returned to the central bank’s objective range, where it is expected to remain in the medium term. The authorities plan a fiscal expansion in FY2024 followed by two years of substantial adjustment to reach a fiscal surplus by FY2026. The external position should soften over the medium term, with FX reserves decreasing to 5 months of imports. The financial sector remains sound and stable despite the economic downturn.