Mining remains Botswana's economic mainstay: minister

GABORONE, Feb. 5 (Xinhua) -- Botswana's economic backbone remains hinged to the mining industry, despite continued efforts to diversify the economy, according to the country's finance minister.

Presenting fiscal total revenues and grants for the year 2018/2019, Finance Minister Kenneth Matambo said on Monday that minerals revenue is the largest contributor to revenues at 24.59 billion pula (about 2.56 billion U.S. dollars), or 38.3 percent of the total.

"This represents a significant increase of 50.5 percent over the revised 2017/2018 budget figure, due to expected positive performance of diamond exports, underpinned by recovery of the global economy," said Matambo.

Matambo said the total revenues and grants for 2018/2019 are estimated at 64.28 billion pula (about 6.69 billion dollars).

Outside the minerals sector, Matambo said the non-mineral income tax revenue is estimated at 13.36 billion pula (about 1.39 billion dollars), or 20.8 percent of total revenue.

He said the 2018/2019 budget is expected to contribute to improved domestic environment for private sector investment, resulting in economic growth and creation of employment opportunities.

As part of diversification efforts, Botswana has plans to be a knowledge-based economy and continues to roll out investment in information and communications technology (ICT). Enditem