Diamonds recovery pulls up Botswana economy – IMF

source: Sunday Standard
by Sunday Standard Reporter
12-09-2010

The diamond industry is bouncing back to the pre-crisis levels pulling itself along with the country from the worst recession in nearly half a century, the International Monetary Fund (IMF) said in its report that was put on Bank of Botswana website this week.

The global financial watchdog said the developments bodes well for the country but urged fiscal restraint, which include a hike in fuel prices, broadening tax bases, locking in inflation to target range, freezing government staff recruitment and new developments, cancel scare skills allowance in a bid to bring back the country’s finance on track.

The IMF said over the last few years government embarked on major spending spree on recurrent and developmental budget, which is threatening the solvency of [continue reading]

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