Botswana Budget Likely to be Hit by Fall in Demand for Diamonds

Economy
17/08/2015 10:05

A sharp decline in sales of rough goods by the jointly owned De Beers-Botswana mining firm Debswana and by the Okavango Diamond Company (ODC) in the first half of this year is likely to hit the country's budget. Finance Minister Kenneth Matambo in February, citing projections of a 10 percent growth in minerals revenues, announced forecasts of a P1.23 billion 2015-2016-budget surplus. But dropping diamond sales and a revision downwards for output this year will see Botswana's diamond revenues take a hit.