Business Maverick: Diamond Sales Fuel Botswana Budget Surplus as Buyers Shun Russia

The southern African nation recorded a budget surplus of 598.7 million pula , or 0.55% of gross domestic product, in the first half of the fiscal year ending March 2023, the finance ministry said Monday in an emailed statement. The positive balance was driven by a 66% increase in mineral revenues, largely due to improved diamond exports.Debswana, a joint venture between the government and Anglo American Plc. unit De Beers that mines most of the nation’s gems, sold 54.

Despite the improvement, the ministry’s forecast for a budget deficit of 7.7 billion pula, or 3.4% of GDP, for the current fiscal year remains unchanged. Finance Minister Peggy Serame may revise the estimate in her budget speech due next month.

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