World Bank: Botswana needs austerity measures due to dropped diamond sales
- 25 Aug 2010 11:06 (South Africa)
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.