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Assuming a social welfare function that smoothes expenditure, this paper calculates a sustainability benchmark for the non-mineral balance in Botswana that is based on a notion of a "permanent income" from non-renewable resources. It is derived by constructing a hypothetical annuity from revenues from these resources, which is held constant in terms of GDP. Botswana is an interesting case because current projections suggest that diamond resources could be largely exhausted within a generation.

Fiscal policy --- Revenue --- Botswana --- Economic conditions --- Government revenue --- Public revenue --- Tax policy --- Taxation --- Government policy --- Finance, Public --- Economic policy --- Macroeconomics --- Public Finance --- Natural Resources --- Nonrenewable Resources and Conservation: General --- Fiscal Policy --- Personal Income, Wealth, and Their Distributions --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Environmental management --- Non-renewable resources --- Fiscal stance --- Personal income --- Natural resources --- Income

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Sound macroeconomic policies, good governance, and high levels of investment, supported by diamond and other mineral production, have moved Botswana into the ranks of middle-income countries. Maintaining fiscal surpluses over the medium term is essential to accumulate savings for the period when diamond revenues decline. Striking an appropriate balance between monetary and exchange rate policy objectives is critical. The banking sector is sound and near-term risks are well contained, but there is scope for financial sector reform. Continued structural reform and improvements in statistics are essential.

Fiscal policy --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Government policy --- Botswana --- Economic conditions --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- Natural Resources --- Nonrenewable Resources and Conservation: General --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Current Account Adjustment --- Short-term Capital Movements --- Aggregate Factor Income Distribution --- Fiscal Policy --- General Aggregative Models: General --- Econometrics & economic statistics --- Environmental management --- International economics --- Public finance & taxation --- Non-renewable resources --- Income --- Fiscal stance --- Balance of payments statistics --- National accounts --- Environment --- Economic and financial statistics --- Natural resources --- Finance --- Balance of payments --- National income

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Papua New Guinea’s economic performance has strengthened since the last Article IV Consultation. The country has significant underlying vulnerabilities. The economy is exposed to commodity price shocks, and mineral production is expected to decline over the medium to longer term. However, macroeconomic vulnerabilities have intensified, in particular, the potential for higher unproductive fiscal spending to raise demand pressures and spur inflation. Prudent fiscal policies are welcomed. Implementation of the multi-donor technical assistance plan is encouraged. The authorities are encouraged to accelerate the structural reforms and improve infrastructure.

Debts, Public --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Government policy --- Papua New Guinea --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Public Finance --- Statistics --- Natural Resources --- Macroeconomics --- Nonrenewable Resources and Conservation: General --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- National Government Expenditures and Related Policies: General --- Environmental management --- Public finance & taxation --- International economics --- Banking --- Econometrics & economic statistics --- Non-renewable resources --- External debt --- Expenditure --- Environment --- Monetary statistics --- Economic and financial statistics --- Natural resources --- Debts, External --- Banks and banking --- Expenditures, Public --- Finance --- Economic indicators --- Guinea