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2023/2024 BUDGET SPEECH BRIEFCASE RELEASES P90BN FOR PUBLIC EXPENDITURE

Delivering the 2023/24 budget speech, Minister of Finance, Hon Minister Peggy Serame, said the total projected revenues and grants for the 2023/24 financial year amount to P79.79bn against total expenditure and net lending of P87.38bn resulting in a deficit of P7.59bn or 3.06 per cent of GDP.

“The issuance of domestic government securities, in the form of bonds and treasury bills is anticipated to provide P3 billion. Net external financing, from official multilateral and bilateral lenders, is projected at P2.70 billion. As a result, a total of P2.20 billion is expected to be drawn from the Government Investment Account,” said Minister Serame.

Of the projected revenue of P79.79bn, Ms. Serame said customs and excise receipts were the largest contributor at P24.93bn followed by mineral revenue estimated at P23.34bn. The third largest contributor was non-mineral income tax at an estimated amount of P14.77bn while Value Added Tax (VAT) contributed some P13.30bn.

“The 2023/2024 budget is also meant to facilitate the ongoing rationalization of ministerial portfolio responsibilities in alignment with Reset and Reclaim Agenda,” said Minister Serame.

Ms. Serame said at P15.04bn or 24.9 per cent of recurrent expenditure was allocated to the Ministry of Education and Skills Development consistent with national priorities, the Ministry of Health was given the second largest share at P10.31bn to enable it to provide sustainable preventative, curative and rehabilitative health services to the nation. She said the provision also catered for personal emoluments, drugs, medical specialists’ fees, utilities and health care supplies.

The third largest share at P9.84m went to the Ministry of Defense and Security to enable it to address issues affecting Botswana’s sovereignty and territorial integrity. And in fourth position is the Ministry of Local Government and Rural Development with P8.22bn mainly for financing initiatives aimed at improving local governance and strengthening social and community-driven economic development.

Old Age Pension Allowance would be increase by P100 and other social welfare allowances by P50 per month effective April.

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