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International Monetary Fund

The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline sharply after about 15 years. Diversification of the economy will require implementation of substantial structural reforms, in particular the authorities’ planned reforms in labor markets, the investment environment, and the role of parastatals.

Mr. Amadou N Sy, Mr. Rabah Arezki, and Thorvaldur Gylfason

Abstract

Countries with an abundance of natural resources, many of which are in sub-Saharan Africa, often show a record of relatively poor economic performance compared with non-resource-rich countries. The chapters in this volume explore the potential challenges to countries with abundant natural resources and ways to manage these challenges so as to reap the benefits of resource wealth while avoiding the pitfalls. The book is divided into five sections, which explore commodity markets and the macroeconomy, economic diversification and the role of finance, fiscal policy, exchange rates and financial stability, and governance. The ideas in this book were first presented at a seminar in November 2010 that was aimed primarily at policymakers in sub-Saharan Africa and brought together ministers, central bank governors, other senior policymakers, and well-known academics.

International Monetary Fund

The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline sharply after about 15 years. Diversification of the economy will require implementation of substantial structural reforms, in particular the authorities’ planned reforms in labor markets, the investment environment, and the role of parastatals.

International Monetary Fund

Botswana’s economy staged an impressive recovery during the past year. The strong economic recovery has helped stabilize financial market conditions. The overall external position has also strengthened. The overriding economic policy challenges are to reduce the size of government sustaining growth, diversify the economy, and improve its quality. The monetary and fiscal policy stance on the global food and fuel price shocks has been commended by Executive Directors. Sustaining growth, broadening its sources, and improving its quality are key policy priorities of the government.

International Monetary Fund

The economy entered the crisis from a position of considerable strength because of past prudent macroeconomic management. Macroeconomic policies are being appropriately redirected away from short-term demand management toward medium-term considerations. Fiscal policy was strongly countercyclical during the past two years as the government ramped up spending despite a drop in revenues. The framework for managing the government’s assets and liabilities needs strengthening to cope with a more challenging fiscal environment. The authorities agreed that their development model would need to change.

International Monetary Fund

This Report on the Observance of Standards and Codes data module provides a review of Botswana’s data dissemination practices against the IMF’s General Data Dissemination System, complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. All three of Botswana’s statistics producing agencies have a legal and institutional framework that supports statistical quality and demonstrate an awareness of quality as the cornerstone of statistical work. All three agencies also demonstrates professionalism and provide ethical guidelines to their staff.

International Monetary Fund

The Report on the Observance of Standards and Codes (ROSC)—Data Module provides an assessment of Botswana’s macroeconomic statistics against the recommendations of the General Data Dissemination System, complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework, July 2003. It reveals that there has been a strengthening of the relevance of the data, the transparency of statistical policies and practices, and the accessibility of data and metadata. Staff of statistical agencies also exhibits a high level of professionalism and ethical standards.

International Monetary Fund

This Report on the Observance of Standards and Codes data module provides a review of Botswana’s data dissemination practices against the IMF’s General Data Dissemination System, complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. All three of Botswana’s statistics producing agencies have a legal and institutional framework that supports statistical quality and demonstrate an awareness of quality as the cornerstone of statistical work. All three agencies also demonstrates professionalism and provide ethical guidelines to their staff.