05 Feb 2020

 The International Monetary Fund (IMF) has expressed happiness at Botswana authorities’ commitment to reforms and plans for transforming the country into a knowledge based high income economy.

In a media briefing ahead of a high level workshop scheduled for February 6-7 in Kasane, IMF’s deputy managing director, Mr Tao Zhang said his team had held fruitful discussions and exchanged great views with President Dr Mokgweetsi Masisi.

“We at the IMF are committed, standing ready and working with authorities to ensure implementation and reforms will be carried out in order to achieve the objectives,” he said.

Quizzed on IMF’s capacity building support, Mr Zhang said the organisation had been extending technical support to member states, including Botswana, on a wide range of areas.

He said IMF considered technical assistance very significant and a contributing factor in implementing development objectives. 

IMF, he said, also provided policy advice to authorities.

“We reflect on these past experiences and ensure we reflect also on lessons learnt for effective capacity building,” he said.

Mr Zhang advised Botswana  to define its development objectives and lay out challenges to sectors   such as agriculture and commerce.  

The private sector should be at the forefront to make the process more efficient and effective, he said. 

Government, he said, must play a major role in providing a conducive business environment.

For his part, IMF Botswana mission chief, Mr Papa N’Diaye said he was in support of Botswana’s objectives. 

He said fiscal consolidation was important for transforming the economy to a knowledge based one. 

N’Diaye said it was also important to achieve sustainability for development objectives and ensure they were met. 

He said the IMF had productive discussions with Botswana authorities and would present the preliminary conclusions to its executive board in early March. 

The workshop, themed, “Botswana fostering diversification to escape the middle income trap”, is hosted by Bank of Botswana in conjunction with the IMF. ENDS