IMF issues advice on Botswana’s sovereign fund

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An International Monetary Fund staff report has urged Botswanan authorities to consider specifying rules for withdrawals from the government’s investment account held by the central bank.

Foreign reserves are currently managed by the Bank of Botswana, two-thirds of which are kept in the nation’s sovereign wealth fund, the Pula Fund.

Within the Pula Fund, one-third of the reserves are owned by the central bank, while the remaining two-thirds are owned by the government. The government’s allocat