Abstract
KEY ISSUESSetting: The seeds of good governance and prudent macroeconomic and naturalresources management planted by the Botswana authorities paid off with an impressive increase in the GDP per capita during the last three decades. However, as in many other small middle-income countries (SMICs) in the region, trend growth has softened in recent years, reflecting the decline in the contribution of total factor productivity (TFP) to growth which calls for policies to reduce structural bottlenecks in the economy.Current conditions and outlook: Botswana’s economy remains broadly internally and externally balanced and the authorities’ near-term macroeconomic policy mix is appropriate. Output growth is expected to slowdown in 2014 reflecting partly weaknesses in the non-mineral sector, while inflation is expected to remain within the Bank of Botswana’s (BoB) medium-term objective range of 3-6 percent.Fiscal policy: Staff supports the FY2014/15 budget, which reins in unproductive current spending, while protecting growth-promoting capital spending. Achieving medium-term fiscal consolidation objectives adopted in the budget, would require articulating concrete measures to reduce the wage bill relative to GDP and broaden the revenue base.Financial sector development: Botswana’s banking system is well-capitalized and profitable with relatively low nonperforming loans. Although from a low base, credit growth to households continues to expand at a high rate, which poses potential vulnerabilities for the financial sector. Thus, staff recommends that macro prudential measures be considered to temper the rate of growth of household borrowing. In this context, staff welcomes the government’s emphasis on enhancing greater financial deepening and inclusion, while preserving the stability of the financial system.Reinvigorating growth: Returning to an era of strong growth and accelerating Botswana’s convergence to higher income levels would require policies to reinvigorate TFP growth. These include improving the quality of public spending, notably in public investment projects and education to ensure the transformation of diamond wealth into sustainable assets. The authorities’ efforts to improve the country’s competitiveness, including through reducing the regulatory burden on firms, is also welcomed.Past advice: There is broad agreement between the Fund and the authorities on the macroeconomic policy stance and structural reform policy priorities. Consistent with staff’s advice, the FY 2014/15 budget outlined a framework to reduce the burden of loss- making state-owned enterprises on fiscal resources and propel them toward commercial viability. Furthermore, the budget includes medium-term projections of government accounts, as recommended by staff during past consultations. However, progress towards reducing the wage bill relative to GDP remains modest.
Fund Relations
As of April 30, 2014
Membership Status
Joined July 24, 1968; Article VIII
General resources account
| SDR (million) | Percent of Quota | |
|---|---|---|
| Quota | 87.80 | 100.00 |
| Fund holdings of currency | 56.53 | 64.39 |
| Reserve position in Fund | 31.28 | 35.62 |
| SDR (million) | Percent of Quota | |
|---|---|---|
| Quota | 87.80 | 100.00 |
| Fund holdings of currency | 56.53 | 64.39 |
| Reserve position in Fund | 31.28 | 35.62 |
SDR Department
| SDR (million) | Percent of Quota | |
|---|---|---|
| Net cumulative allocation | 57.43 | 100.00 |
| Holdings | 85.70 | 149.21 |
| SDR (million) | Percent of Quota | |
|---|---|---|
| Net cumulative allocation | 57.43 | 100.00 |
| Holdings | 85.70 | 149.21 |
Outstanding Purchases and Loans None
Financial Arrangements None
Project Obligations to Fund None
Implementation of HIPC Initiative Not Applicable
Exchange Rate Arrangements
The exchange rate of the Botswana pula is a crawling peg arrangement against a basket of currencies. As of May 20, 2014, the exchange rate of the U.S. dollar to the pula was US$1= P8.696, and that of the South African rand to the pula was R1=P0.837.
Botswana accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Fund’s Articles of Agreement, as of November 17, 1995, and maintains an exchange rate system free of restrictions in the making of transfers and payments of current account transactions.
Article IV consultation
Botswana is on a standard 12-month consultation cycle. The last Article IV consultation was concluded by the Executive Board on September 9, 2013.
Technical assistance
| Department | Dates | Purpose |
|---|---|---|
| FAD | September 2000 | Implementation of VAT next steps |
| February 2002 | Tax administration (Southern Africa Development Community Region | |
| November 2004 | Public expenditure management | |
| February 2010 | Public financial management (scoping mission | |
| September 2010 | Macro-fiscal framework, asset management, and accrual accounting | |
| January 2013 | Overall Tax Policy Review with Emphasis on Tax Expenditures | |
| April 2013 | Needs Assessment | |
| June—July 2013 | Follow-up on Cash Management | |
| August 2013 | Introducing a Medium-Term Expenditure Framework | |
| LEG | January 2006 | Review of amended VAT provisions |
| July 2006 | Review of central bank law | |
| June 2007 | Review of VAT laws | |
| July 2010 | Technical assistance in Fiscal Law | |
| April 2014 | Legal Framework for Central Banking, Banking Supervision and Resolution, and Financial Stability Arrangements | |
| STA | May 2001 | Inspection for visit of long-term balance of payments advisor |
| October 2001 | Report on Standards and Code (ROSC) data module | |
| July 2002; Feb. 2003 | BOP statistics: peripatetic visit | |
| August 2003 | Monetary and financial statistics using the General Data Dissemination Standard (GDDS) | |
| April-May 2014 | Streamline Data Submission to STA Using SDMX Standards | |
| March 2004 | GDDS project for Anglophone Africa: Government Finance Stat | |
| June 2004 | GDDS project for Anglophone Africa: National accounts statistics | |
| August 2004 | Follow-up mission: Money and banking statistics | |
| Oct. 2004; May 2005 | GDDS project for Anglophone Africa: National accounts mission | |
| June 2005 | Follow-up on monetary and financial statistics using the GDDS | |
| August 2005 | Follow-up mission: GDDS quarterly balance of payments statistics | |
| December 2005 | Technical assistance evaluation mission | |
| March 2006 | GDDS project for Anglophone Africa: national accounts statistics | |
| October 2006 | ROSC data module covering GDDS and Data Quality Assessment Framework (DQAF) | |
| October 2007 | Monetary and financial statistics | |
| Nov. 2007–Nov. 2008 | Real sector statistics (resident regional advisor) | |
| November 2008 | Money and banking statistics | |
| February 2009 | Phase II Special Data Dissemination Standard (SDDS)—Balance of Payments Statistics | |
| June 2009-June 2010 | Real sector statistics (resident regional advisor) | |
| February 2010 | Money and banking statistics | |
| February 2010 | Regional Data Harmonization | |
| February 2013 | Price Statistics | |
| March 2013 | National Accounts Statistics | |
| March 2014 | IMF-DFID Enhanced Data Dissemination Initiative | |
| MCM | January 2001 | Banking supervision advisor |
| February 2001 | Monetary operations | |
| December 2001 | Macroeconomic and Financial Management Institute MEFMI—Monetary operations | |
| August 2002 | Banking supervision, anti-money laundering | |
| July 2004 | Non-bank Financial Institution (NBFI) supervision | |
| August 2004 | Money and banking statistics follow-up | |
| January, March 2007 | IMF-World Bank Financial Sector Assessment | |
| Program (FSAP) | ||
| March, September, | Inflation forecasting and modeling | |
| December 2004 | ||
| July 2006 | ||
| December 2008 | ||
| December 2009 | ||
| January 2009 | Risk management framework | |
| February 2009 | Payments systems (LT Resident Expert Assignment) | |
| June 2009 | Risk management | |
| July 2009 | Monetary operations | |
| January 2011 | Risk management | |
| February 2011 | Continuation of support on inflation forecasting and modeling | |
| April 2011 | Implementation of central bank risk management | |
| July 2012 | Strengthening Financial Stability Framework | |
| July—August 2012 | Modernizing Payment Systems | |
| September 2012 | Risk Management Function and Financial Reporting Issues | |
| April 2013 | Modernizing Payment Systems | |
| April 2013 | Strengthening Financial Stability Framework | |
| December 2013 | Development of the Risk Management Function | |
| January 2014 | Technical Assistance on Modernizing Payment Systems | |
| April 2014 | Towards Financial Stability Analysis and Reporting |
| Department | Dates | Purpose |
|---|---|---|
| FAD | September 2000 | Implementation of VAT next steps |
| February 2002 | Tax administration (Southern Africa Development Community Region | |
| November 2004 | Public expenditure management | |
| February 2010 | Public financial management (scoping mission | |
| September 2010 | Macro-fiscal framework, asset management, and accrual accounting | |
| January 2013 | Overall Tax Policy Review with Emphasis on Tax Expenditures | |
| April 2013 | Needs Assessment | |
| June—July 2013 | Follow-up on Cash Management | |
| August 2013 | Introducing a Medium-Term Expenditure Framework | |
| LEG | January 2006 | Review of amended VAT provisions |
| July 2006 | Review of central bank law | |
| June 2007 | Review of VAT laws | |
| July 2010 | Technical assistance in Fiscal Law | |
| April 2014 | Legal Framework for Central Banking, Banking Supervision and Resolution, and Financial Stability Arrangements | |
| STA | May 2001 | Inspection for visit of long-term balance of payments advisor |
| October 2001 | Report on Standards and Code (ROSC) data module | |
| July 2002; Feb. 2003 | BOP statistics: peripatetic visit | |
| August 2003 | Monetary and financial statistics using the General Data Dissemination Standard (GDDS) | |
| April-May 2014 | Streamline Data Submission to STA Using SDMX Standards | |
| March 2004 | GDDS project for Anglophone Africa: Government Finance Stat | |
| June 2004 | GDDS project for Anglophone Africa: National accounts statistics | |
| August 2004 | Follow-up mission: Money and banking statistics | |
| Oct. 2004; May 2005 | GDDS project for Anglophone Africa: National accounts mission | |
| June 2005 | Follow-up on monetary and financial statistics using the GDDS | |
| August 2005 | Follow-up mission: GDDS quarterly balance of payments statistics | |
| December 2005 | Technical assistance evaluation mission | |
| March 2006 | GDDS project for Anglophone Africa: national accounts statistics | |
| October 2006 | ROSC data module covering GDDS and Data Quality Assessment Framework (DQAF) | |
| October 2007 | Monetary and financial statistics | |
| Nov. 2007–Nov. 2008 | Real sector statistics (resident regional advisor) | |
| November 2008 | Money and banking statistics | |
| February 2009 | Phase II Special Data Dissemination Standard (SDDS)—Balance of Payments Statistics | |
| June 2009-June 2010 | Real sector statistics (resident regional advisor) | |
| February 2010 | Money and banking statistics | |
| February 2010 | Regional Data Harmonization | |
| February 2013 | Price Statistics | |
| March 2013 | National Accounts Statistics | |
| March 2014 | IMF-DFID Enhanced Data Dissemination Initiative | |
| MCM | January 2001 | Banking supervision advisor |
| February 2001 | Monetary operations | |
| December 2001 | Macroeconomic and Financial Management Institute MEFMI—Monetary operations | |
| August 2002 | Banking supervision, anti-money laundering | |
| July 2004 | Non-bank Financial Institution (NBFI) supervision | |
| August 2004 | Money and banking statistics follow-up | |
| January, March 2007 | IMF-World Bank Financial Sector Assessment | |
| Program (FSAP) | ||
| March, September, | Inflation forecasting and modeling | |
| December 2004 | ||
| July 2006 | ||
| December 2008 | ||
| December 2009 | ||
| January 2009 | Risk management framework | |
| February 2009 | Payments systems (LT Resident Expert Assignment) | |
| June 2009 | Risk management | |
| July 2009 | Monetary operations | |
| January 2011 | Risk management | |
| February 2011 | Continuation of support on inflation forecasting and modeling | |
| April 2011 | Implementation of central bank risk management | |
| July 2012 | Strengthening Financial Stability Framework | |
| July—August 2012 | Modernizing Payment Systems | |
| September 2012 | Risk Management Function and Financial Reporting Issues | |
| April 2013 | Modernizing Payment Systems | |
| April 2013 | Strengthening Financial Stability Framework | |
| December 2013 | Development of the Risk Management Function | |
| January 2014 | Technical Assistance on Modernizing Payment Systems | |
| April 2014 | Towards Financial Stability Analysis and Reporting |
Joint World Bank and IMF Work Program
AS of April 30, 2014
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| A. Mutual Information on Relevant Work Programs | |||
| World Bank indicative work program in the next 12 months | 1. Morupule B Generation and Transmission Power Project (SIL/PCG | Approved in FY10; ongoing | |
| 2. HIV/AIDS Project | Approved FY09; ongoing | ||
| 3. Integrated Transport Project | Approved FY09; ongoing | ||
| 4. Northern Botswana Human-Wildlife Coexistence (Global Environment Facility) | Approved FY10; ongoing | ||
| 5. Agricultural Public Expenditure Review | FY 14; ongoing | ||
| 6. Fee-Based Technical Advisory Services for Economic Diversification and Competitiveness | FY13; ongoing | ||
| 7. Social Safety Net Assessment for Botswana | FY13; completed | ||
| 8. Poverty Assessment and Poverty Mapping | FY13; ongoing | ||
| 9. Wealth Accounting and Valuation of Ecosystem Services for Botswana | FY12; ongoing | ||
| 10. Jobs, Growth, and Competitiveness Regional Programmatic Studies | FY14; ongoing | ||
| 11. Fiscal Management Regional Programmatic Studies | FY 14; ongoing | ||
| 12. Botswana Procurement System Support | FY 14; ongoing | ||
| 13. Systematic Country Diagnostics | FY 15 (preparation) | ||
| IMF work program in the next 12 months | MCM TA on liquidity management, payment and settlement system modernization, regulation of non-bank financial institutions, and financial stability. | FY 2015 | |
| Article IV Consultation | May 2015 | ||
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| A. Mutual Information on Relevant Work Programs | |||
| World Bank indicative work program in the next 12 months | 1. Morupule B Generation and Transmission Power Project (SIL/PCG | Approved in FY10; ongoing | |
| 2. HIV/AIDS Project | Approved FY09; ongoing | ||
| 3. Integrated Transport Project | Approved FY09; ongoing | ||
| 4. Northern Botswana Human-Wildlife Coexistence (Global Environment Facility) | Approved FY10; ongoing | ||
| 5. Agricultural Public Expenditure Review | FY 14; ongoing | ||
| 6. Fee-Based Technical Advisory Services for Economic Diversification and Competitiveness | FY13; ongoing | ||
| 7. Social Safety Net Assessment for Botswana | FY13; completed | ||
| 8. Poverty Assessment and Poverty Mapping | FY13; ongoing | ||
| 9. Wealth Accounting and Valuation of Ecosystem Services for Botswana | FY12; ongoing | ||
| 10. Jobs, Growth, and Competitiveness Regional Programmatic Studies | FY14; ongoing | ||
| 11. Fiscal Management Regional Programmatic Studies | FY 14; ongoing | ||
| 12. Botswana Procurement System Support | FY 14; ongoing | ||
| 13. Systematic Country Diagnostics | FY 15 (preparation) | ||
| IMF work program in the next 12 months | MCM TA on liquidity management, payment and settlement system modernization, regulation of non-bank financial institutions, and financial stability. | FY 2015 | |
| Article IV Consultation | May 2015 | ||
Statistical Issues
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision is broadly adequate for surveillance with some data shortcomings in national accounts, fiscal, monetary, and external sector statistics. Macroeconomic data are adequate for surveillance, but some shortcomings exist in terms of accuracy and reliability of the source data and the statistical techniques used in the compilation of national accounts, government finance, and balance of payments statistics. The timeliness of the central bank survey and detailed government expenditure data by economic classification needs to be increased to better support economic analysis and prepare Botswana for an eventual subscription to the Special Data Dissemination Standard (SDDS). Further improvements would include dissemination of readily available information on monthly production of diamonds and quarterly aggregate financial soundness indicators. The authorities are working on a number of fronts to improve data quality and dissemination: (i) source data and methodologies are being reviewed for those data with obvious estimation problems/gaps, (ii) stronger collaboration is being sought among source data producers to secure consistency and reconcile discrepancies across data sets; (iii) the production of leading economic indicators is currently underway; and (iv) staff shortages are being addressed within budget constraints. |
| National Accounts: In October 2012, the Statistics Botswana (SB) announced revised time series of GDP rebased to 2006 as a new benchmark year. However, there are some weaknesses and areas for further improvements, which include representativeness of the coverage of national accounts surveys and estimations of the GDP deflators. The Labor Force Survey (2005/06) is out of date. More frequent surveys would support a better understanding of poverty and unemployment. |
| Price Statistics: The official monthly consumer price index (CPI) is available on a timely basis in the SB’s website. The index is comprehensive and provides breakdowns between urban and rural price data, and between prices of tradable (domestic and imported) and nontradable goods and services. Currently SB is working to update the CPI weights based on the recent Household Income and Expenditure Survey. Compilation challenges include the eventual inclusion of owner-occupied housing price data in the CPI. Compilation of producer or wholesale prices has been discontinued. |
| Government Finance Statistics: The concepts and definitions used in compiling government finance statistics generally follow the guidelines of the IMF’s 1986 Government Finance Statistics Manual (GFSM 1986) but cover only budgetary central government activities. No fiscal statistics are compiled for extra budgetary institutions, consolidated central government, or consolidated general government. No decision has been made by the authorities on adopting a “migration path” to the GFSM 2001 methodology, although the authorities are working with the Fund Statistics Department (STA) toward that endeavor. Recurrent and development expenditure data are published with a significant lag. Development spending comprises a mixture of current and capital spending. |
| Monetary and Financial Statistics: Compilation practices are consistent with the Fund’s Monetary and Financial Statistics Manual. The central bank survey is currently available with a lag of usually about three months, which is well short of the two-week period recommended in the SDDS. STA’s recommendation is to make preliminary data available with clear identification of data status. The authorities prefer a more cautious approach to data dissemination to avoid reputation damage if the data require revisions. The BoB is seeking to expand the coverage of financial statistics to include the operations of nonbank financial intermediaries (NBFI), such as pension funds, insurance companies, and other financial corporations, such as unit trusts, finance companies, and financial auxiliaries. STA’s recommendation is to focus on data collection in a handful of large institutions within each NBFI category. |
| Balance of Payments and International Investment Position Statistics: Annual and quarterly balance of payments data are published in the Botswana Financial Statistics (BF) and the BoB’s Annual Report. Preliminary data are generally disseminated within two months of the end of the reporting period, while revised (final) data are available after nine months. The concepts, structure, and definitions of the balance of payments statistics follow the fifth edition of the Balance of Payments Statistics Manual (BPM5). Source data are adequate, but the International Transaction Reporting System (ITRS) data—as opposed to alternative survey data on services and transfer items in the current account—has become unreliable. Data compilation, estimation, and adjustments mostly employ sound techniques, but the methods used for estimating missing data (for example, unrecorded trade), f.o.b. /c.i.f. adjustment factors to import values, and flows from stock data are inadequate. Discrepancies exist in trade statistics data concerning: (i) the valuation of diamond exports and (ii) imports, exports, and payments related to settlements within the Southern African Customs Union (SACU). Following the relocation of De Beers’ London operations, the BoB has introduced detailed new forms for import and export of diamonds to present the rising re-exports trade for diamonds. Compilation challenges include appropriate treatment of diamond related re-export trade both in the national accounts and balance of payments. The BoB conducts an annual survey of Botswana’s investment and international investment position (IIP). A quarterly IIP survey is also produced for internal use with data from the ITRS. |
| II. Data Standards and Quality |
| Botswana has participated in the GDDS since late 2002. A Data ROSC and its updates were published in April 2002, March 2004, and April 2007, respectively. |
| III. Reporting to STA |
| Monetary data are reported for publication in International Financial Statistics using Standardized Report Forms and Botswana reports annual balance of payments and IIP data to STA. No government financial statistics are currently reported for publication in the Government Finance Statistics Yearbook. |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision is broadly adequate for surveillance with some data shortcomings in national accounts, fiscal, monetary, and external sector statistics. Macroeconomic data are adequate for surveillance, but some shortcomings exist in terms of accuracy and reliability of the source data and the statistical techniques used in the compilation of national accounts, government finance, and balance of payments statistics. The timeliness of the central bank survey and detailed government expenditure data by economic classification needs to be increased to better support economic analysis and prepare Botswana for an eventual subscription to the Special Data Dissemination Standard (SDDS). Further improvements would include dissemination of readily available information on monthly production of diamonds and quarterly aggregate financial soundness indicators. The authorities are working on a number of fronts to improve data quality and dissemination: (i) source data and methodologies are being reviewed for those data with obvious estimation problems/gaps, (ii) stronger collaboration is being sought among source data producers to secure consistency and reconcile discrepancies across data sets; (iii) the production of leading economic indicators is currently underway; and (iv) staff shortages are being addressed within budget constraints. |
| National Accounts: In October 2012, the Statistics Botswana (SB) announced revised time series of GDP rebased to 2006 as a new benchmark year. However, there are some weaknesses and areas for further improvements, which include representativeness of the coverage of national accounts surveys and estimations of the GDP deflators. The Labor Force Survey (2005/06) is out of date. More frequent surveys would support a better understanding of poverty and unemployment. |
| Price Statistics: The official monthly consumer price index (CPI) is available on a timely basis in the SB’s website. The index is comprehensive and provides breakdowns between urban and rural price data, and between prices of tradable (domestic and imported) and nontradable goods and services. Currently SB is working to update the CPI weights based on the recent Household Income and Expenditure Survey. Compilation challenges include the eventual inclusion of owner-occupied housing price data in the CPI. Compilation of producer or wholesale prices has been discontinued. |
| Government Finance Statistics: The concepts and definitions used in compiling government finance statistics generally follow the guidelines of the IMF’s 1986 Government Finance Statistics Manual (GFSM 1986) but cover only budgetary central government activities. No fiscal statistics are compiled for extra budgetary institutions, consolidated central government, or consolidated general government. No decision has been made by the authorities on adopting a “migration path” to the GFSM 2001 methodology, although the authorities are working with the Fund Statistics Department (STA) toward that endeavor. Recurrent and development expenditure data are published with a significant lag. Development spending comprises a mixture of current and capital spending. |
| Monetary and Financial Statistics: Compilation practices are consistent with the Fund’s Monetary and Financial Statistics Manual. The central bank survey is currently available with a lag of usually about three months, which is well short of the two-week period recommended in the SDDS. STA’s recommendation is to make preliminary data available with clear identification of data status. The authorities prefer a more cautious approach to data dissemination to avoid reputation damage if the data require revisions. The BoB is seeking to expand the coverage of financial statistics to include the operations of nonbank financial intermediaries (NBFI), such as pension funds, insurance companies, and other financial corporations, such as unit trusts, finance companies, and financial auxiliaries. STA’s recommendation is to focus on data collection in a handful of large institutions within each NBFI category. |
| Balance of Payments and International Investment Position Statistics: Annual and quarterly balance of payments data are published in the Botswana Financial Statistics (BF) and the BoB’s Annual Report. Preliminary data are generally disseminated within two months of the end of the reporting period, while revised (final) data are available after nine months. The concepts, structure, and definitions of the balance of payments statistics follow the fifth edition of the Balance of Payments Statistics Manual (BPM5). Source data are adequate, but the International Transaction Reporting System (ITRS) data—as opposed to alternative survey data on services and transfer items in the current account—has become unreliable. Data compilation, estimation, and adjustments mostly employ sound techniques, but the methods used for estimating missing data (for example, unrecorded trade), f.o.b. /c.i.f. adjustment factors to import values, and flows from stock data are inadequate. Discrepancies exist in trade statistics data concerning: (i) the valuation of diamond exports and (ii) imports, exports, and payments related to settlements within the Southern African Customs Union (SACU). Following the relocation of De Beers’ London operations, the BoB has introduced detailed new forms for import and export of diamonds to present the rising re-exports trade for diamonds. Compilation challenges include appropriate treatment of diamond related re-export trade both in the national accounts and balance of payments. The BoB conducts an annual survey of Botswana’s investment and international investment position (IIP). A quarterly IIP survey is also produced for internal use with data from the ITRS. |
| II. Data Standards and Quality |
| Botswana has participated in the GDDS since late 2002. A Data ROSC and its updates were published in April 2002, March 2004, and April 2007, respectively. |
| III. Reporting to STA |
| Monetary data are reported for publication in International Financial Statistics using Standardized Report Forms and Botswana reports annual balance of payments and IIP data to STA. No government financial statistics are currently reported for publication in the Government Finance Statistics Yearbook. |
Botswana: Common Indicators Required for Surveillance
(As of May 20, 2014)
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I), and not available (NA).
Reflects the assessment provided in the data ROSC published on April 6, 2007, and based on the findings of the mission that took place from October 31 to November 13, 2006, for the data set corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).
Same as footnote 2, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount, money market, treasury bill, note, and bond rates.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Botswana: Common Indicators Required for Surveillance
(As of May 20, 2014)
| Memo Items | ||||||||
|---|---|---|---|---|---|---|---|---|
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | Data Quality—Methodological Soundness2 | Data Quality—Accuracy and Reliability3 | ||
| Exchange rates | 5/20/2014 | 5/20/2014 | D | D | D | |||
| International reserve assets and reserve liabilities of the monetary authorities 4 | Feb 2014 | May 2014 | M | M | M | |||
| Reserve/base money | LNO, O, LO, | |||||||
| Feb 2014 | May 2014 | M | M | M | O, O, LO, O | LO, LO | ||
| Broad money | Feb 2014 | May 2014 | M | M | M | |||
| Central bank balance sheet | Feb 2014 | May 2014 | M | M | M | |||
| Consolidated balance sheet of the banking system | Feb 2014 | May 2014 | M | M | ||||
| Interest rates 5 | Mar 2014 | May 2014 | M | M | M | |||
| Consumer price index | LO, LO, LO, | |||||||
| Mar 2014 | May 2014 | M | M | M | O, LO, O, O | LO, O | ||
| Revenue, expenditure, balance, and composition of financing 6/—general | LO, LNO, LNO, | LO, O, LO, LO, | ||||||
| government7 | NA | NA | LO | LNO | ||||
| Revenue, expenditure, balance, and composition of financing 6/—central government | Feb 2014 | May 2014 | A/Q/M | Q | Q | |||
| Stocks of central government and central government-guaranteed debt8 | Feb 2014 | May 2014 | A | A | A | |||
| External current account balance | LO, LO, LNO, | |||||||
| 2013 Q4 | May 2014 | A/Q | A | A | O, O, O, LO | O, LO | ||
| Exports and imports of goods | March 2014 | May 2014 | M | M | M | |||
| GDP/GNP | LO, LO, LNO, | |||||||
| 2013 Q4 | April 2014 | A/Q | A/Q | A/Q | LO, LO, LNO, LO | LO, LO | ||
| Gross external debt | Feb 2014 | May 2014 | A/Q | A | A | |||
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I), and not available (NA).
Reflects the assessment provided in the data ROSC published on April 6, 2007, and based on the findings of the mission that took place from October 31 to November 13, 2006, for the data set corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).
Same as footnote 2, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount, money market, treasury bill, note, and bond rates.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Botswana: Common Indicators Required for Surveillance
(As of May 20, 2014)
| Memo Items | ||||||||
|---|---|---|---|---|---|---|---|---|
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | Data Quality—Methodological Soundness2 | Data Quality—Accuracy and Reliability3 | ||
| Exchange rates | 5/20/2014 | 5/20/2014 | D | D | D | |||
| International reserve assets and reserve liabilities of the monetary authorities 4 | Feb 2014 | May 2014 | M | M | M | |||
| Reserve/base money | LNO, O, LO, | |||||||
| Feb 2014 | May 2014 | M | M | M | O, O, LO, O | LO, LO | ||
| Broad money | Feb 2014 | May 2014 | M | M | M | |||
| Central bank balance sheet | Feb 2014 | May 2014 | M | M | M | |||
| Consolidated balance sheet of the banking system | Feb 2014 | May 2014 | M | M | ||||
| Interest rates 5 | Mar 2014 | May 2014 | M | M | M | |||
| Consumer price index | LO, LO, LO, | |||||||
| Mar 2014 | May 2014 | M | M | M | O, LO, O, O | LO, O | ||
| Revenue, expenditure, balance, and composition of financing 6/—general | LO, LNO, LNO, | LO, O, LO, LO, | ||||||
| government7 | NA | NA | LO | LNO | ||||
| Revenue, expenditure, balance, and composition of financing 6/—central government | Feb 2014 | May 2014 | A/Q/M | Q | Q | |||
| Stocks of central government and central government-guaranteed debt8 | Feb 2014 | May 2014 | A | A | A | |||
| External current account balance | LO, LO, LNO, | |||||||
| 2013 Q4 | May 2014 | A/Q | A | A | O, O, O, LO | O, LO | ||
| Exports and imports of goods | March 2014 | May 2014 | M | M | M | |||
| GDP/GNP | LO, LO, LNO, | |||||||
| 2013 Q4 | April 2014 | A/Q | A/Q | A/Q | LO, LO, LNO, LO | LO, LO | ||
| Gross external debt | Feb 2014 | May 2014 | A/Q | A | A | |||
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I), and not available (NA).
Reflects the assessment provided in the data ROSC published on April 6, 2007, and based on the findings of the mission that took place from October 31 to November 13, 2006, for the data set corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).
Same as footnote 2, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount, money market, treasury bill, note, and bond rates.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.