Botswana: diamonds may not save from global crisis

One of the main resources of Botswana are diamonds. Though these may not keep the country safe from the consequences of the global economic crisis.

The news appeared today on irinnews.org

“The country – is stated on the website – relies heavily on diamonds for its development, but in tough economic times, deriving most of your revenue from a single resource can sour reputations. In March credit agencies downgraded Botswana’s rating”.

The article quotes Kristin Lindow, senior vice-president and regional credit officer for Africa at Moody’s, saying that the economic crisis represents a “serious risk for Botswana’s diamond-dependent economy.”

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