00:01Botswana is feeling the pinch as a slump in diamond sales forces the government to consider raising taxes.
00:08Diamonds are the backbone of the economy, but global demand has weakened, prices are down and production has slowed, leaving a big hole in state revenues.
00:18To plug the gap, lawmakers are weighing higher income and corporate taxes, and move officials say is necessary to contain a growing budget deficit.
00:27But it won't be painless. Businesses and households are likely to feel the impact even as the government tries to protect public services and avoid deep spending cuts.
00:38Botswana's biggest producer, Debswana, has already cut output and warned the diamond market may not recover quickly, pushing the country to rely more on non-mineral taxes.
00:51The debate now is how to balance short-term pain with long-term stability, as Botswana looks to reduce its dependence on diamonds and weather a tough economic moment.
01:03Tibet Steps
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