Africa, Business Maverick, Politics

World Bank: Botswana needs austerity measures due to dropped diamond sales

Botswana is the world's largest producer of diamonds, and the industry makes up to 33% of the country's GDP. But thanks to the global economic downturn, the World Bank recommended that Botswana cut its public sector cost by 25%. According to a report compiled by the World Bank, the future for Botswana lies in lesser mineral revenues and a smaller public sector. Although Botswana has routinely run budget surpluses, the opposite has been true in the last two years, and the World Bank sees this trend continuing into the future. Read more: Reuters Africa.



Please peer review 3 community comments before your comment can be posted


This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.

Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.