Min. of Finance and Development Planning Press Release - Minister Baledzi Gaolathe’s Participation at the SADC Ministers’ Meeting held at Cape Town

Republic of Botswana (10/3/09): TAUTONA TIMES no 6 of 2009
The Weekly Electronic Press Circular of the Office of the President “Democracy, Development, Dignity and Discipline”

C10) 2/3/09: Ministry of Finance and Development Planning Press Release - Minister Baledzi Gaolathe’s Participation at the SADC Ministers’ Meeting held at Cape Town, South Africa

The Minister of Finance and Development Planning, Honourable Baledzi Gaolathe returned from Cape Town, South Africa where he attended the SADC Council of Ministers meeting held from the 26th to 27th February, 2009.

The SADC Council Ministers met to consider, amongst others, the SADC status of finances, Annual Member States Contributions, Budget Estimates for 2009/10, Report on the Economic Partnership Agreement (EPA) processes, progress report on the Financing and Construction of the New SADC Headquarters, World Economic Crisis and the Political Situation in Zimbabwe and Madagascar.

Council considered and approved US$53 948 000 budget for the fiscal year 2009/10. The budget was financed through member states contributions of US$24 771 000 constituting 45.92% while the cooperating partners contribute US$28 187 000 or 54.08%. The total budget estimates for the fiscal year 2009/10 has increased by 15% from the previous year amount of US$50 734 279. The total Member States Contributions have increased by 7%.

Discussing the Report of the Economic Partnership Agreement EPA Process, Council noted the EPA negotiation progress, in particular, that only Botswana, Lesotho, Mozambique, Namibia, and Swaziland have initialed the Interim EPA covering trade in goods. Angola and South Africa have not initialed but have committed to becoming parties to the final agreement and remain negotiating parties under the SADC umbrella. The Council of Ministers was also briefed on the political and economic situation in Zimbabwe wherein the Government of Zimbabwe requested SADC to support the country to reconstruct the economy.

Minister Gaolathe also signed a double taxation avoidance agreement between Botswana and Mozambique at this Council of Ministers meeting.