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Wednesday, 14 March 2012

EU supplementary development funds to help in Botswana

According to recent reports, the EU has given Botswana 26.6 million euro to finance short-term Fluctuations in Export Earnings (FLEX). The minister of Finance and Development Planning, Kenneth Matambo said  that this funding  comes under an agreement between  Botswana and the EU for the allocation of supplementary development funds.  
FLEX would safeguard socio-economic reforms and policies that could be affected negatively as a result of a drop in revenue emanating from the 2009 financial and economic crises. "Botswana is a mineral export-based economy and during the 2010 period, diamond sales decreased dramatically as a result of the world economic and financial crisis," said  Mr Matambo. According to the Monitor Business, for this reason the EU has given  additional funds to Botswana. "These funds are intended to contribute to the goals of National Development Plan 10 (NDP 10) by strengthening human resource development and supporting public sector reforms," the minister added.
Ambassador Gerard McGovern , the Head of the European Union delegation to Botswana and the Southern African Development Community(SADC),  said that the supplementary grants would support the government's economic diversification drive through their integration into the ongoing Botswana-EU human resource development programme.

Source: Monitor Business