{
  "title": "Press Release: Statement at the Conclusion of an IMF Mission to Botswana",
  "publication": "IMF News, June 14, 2010",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10239",
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  "summary": "An International Monetary Fund mission visited Gaborone during June 1-14, 2010 to conduct the Article IV Consultation with Botswana.",
  "publishDate": "2010-06-14",
  "sections": [
    {
      "heading": "Mission scope and contacts",
      "content": "- An International Monetary Fund mission visited Gaborone during June 1-14, 2010 to conduct the Article IV Consultation with Botswana.\n- The mission met with:\n  - Minister of Finance and Development, the Honourable O. Kenneth Matambo;\n  - Bank of Botswana Governor, Linah K. Mohohlo;\n  - senior government officials, development partners, the private sector, and representatives of trade unions and civil society.\n- IMF Mission Chief to Botswana: Mr. Robert Burgess."
    },
    {
      "heading": "Economic assessment and recent developments",
      "content": "Findings:\n- \"Botswana is recovering from its worst recession in more than 40 years.\"\n- \"The economy contracted by 6 percent last year as demand for diamonds collapsed in the wake of the global financial crisis.\"\n- Fiscal and monetary policy response:\n  - \"The prompt easing of fiscal and monetary policies helped to cushion the impact of difficulties in the mining sector on the rest of the economy.\"\n- Non-mining sector performance:\n  - \"The non-mining sector grew by a healthy 6.1 percent in 2009.\""
    },
    {
      "heading": "Outlook and risks",
      "content": "Projections and risks noted by the mission:\n- Short-term rebalancing:\n  - \"The economy will likely see some rebalancing this year as mining continues its gradual recovery while growth in the non-mining sector decelerates somewhat as fiscal stimulus is withdrawn.\"\n- Inflation dynamics:\n  - \"Inflation may increase temporarily as increases in VAT, electricity tariffs, and other fees and charges feed through to prices, before falling within the Bank of Botswana's 3-6 percent objective during the course of 2011.\"\n- Revenue outlook:\n  - \"The outlook for government revenues is set to become more constrained reflecting a trend decline in mineral revenues and customs and excise receipts.\""
    },
    {
      "heading": "Fiscal policy assessment and recommendations",
      "content": "Policy conclusions:\n- Shifting fiscal stance:\n  - \"With recovery now underway, fiscal policy is being appropriately redirected away from short-term demand management towards medium-term considerations.\"\n- Budget stance and targets:\n  - \"The budget for 2010/11 is a good start in this process of adjustment.\"\n  - \"The government's intention to balance the budget by 2012/13 is ambitious but warranted in order to put the public finances back onto a sustainable footing.\"\n- Public finance management:\n  - \"As the fiscal environment becomes more challenging, management of the public finances will need to improve.\"\n  - \"With less revenues available than in the past, but social challenges remaining significant, the government will need to do more with less.\"\n  - Recommended reforms include:\n    - reforms to budget formulation and management;\n    - greater emphasis on prioritizing spending and delivering results;\n    - more efficient and effective budget management to support economic diversification and private sector development."
    },
    {
      "heading": "Next steps",
      "content": "- \"Upon its return to Washington, the mission will prepare a final report, which could be considered by the IMF's Executive Board by late July.\"\n\nPress Release No. 10/239 — Statement by IMF Mission Chief Mr. Robert Burgess; June 14, 2010.\n\n---\n\n\n References\n\n- Botswana and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10239"
    }
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    "Published: June 14, 2010",
    "An International Monetary Fund mission visited Gaborone during June 1-14, 2010 to conduct the Article IV Consultation with Botswana.",
    "The mission met with:",
    "IMF Mission Chief to Botswana: Mr. Robert Burgess.",
    "\"Botswana is recovering from its worst recession in more than 40 years.\"",
    "\"The economy contracted by 6 percent last year as demand for diamonds collapsed in the wake of the global financial crisis.\"",
    "Fiscal and monetary policy response:",
    "Non-mining sector performance:",
    "Short-term rebalancing:",
    "Inflation dynamics:",
    "Revenue outlook:",
    "Shifting fiscal stance:",
    "Budget stance and targets:",
    "Public finance management:",
    "\"Upon its return to Washington, the mission will prepare a final report, which could be considered by the IMF's Executive Board by late July.\"",
    "[Botswana and the IMF](http://www.imf.org/external/country/BWA/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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