Diamond slump: Budget likely to fall into deficit

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The prevailing weakness in the diamond market could potentially drag the 2015-2016 fiscal budget into a deficit.

Sluggish sentiment in the market has seen both De Beers and the Okavango Diamond Company (ODC) sales falling by over 20 percent in the first half of the year.

Backed by projections of a 10 percent growth in minerals revenues to P19 billion, Finance minister Kenneth Matambo in February, announced forecasts of a P1.23 billion 2015-2016-budget surplus.

Editor's Comment
The corrupt must be punished

The findings reveal a disturbing pattern of misconduct and lack of transparency that cannot be ignored.The Tribunal, led by Judge President Justice Kabelo Lebotse, has rightly condemned the Ministry for its eyebrow raising conduct in awarding a P1.8 billion water tender to China Civil Engineering Construction Corporation (Pty) Ltd and Zhong Gan Engineering & Construction Corporation (Pty) Ltd.The award was made despite alleged clear evidence that...

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