[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108447-en":3,"doc-seo-108447-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108447,137441390410,"Hazel","https://ap-avatar.wpscdn.com/avatar/2000252f4ab5702993?_k=1776741390130283984",8,"Research & Report","Botswana - Financial Sector Assessment Program - Technical Note - Long-Term Finance","Technical note supporting a joint IMF–World Bank Financial Sector Assessment Program mission in Botswana (Jan 16–Feb 2, 2023), focusing on long-term finance. The analysis addresses Botswana’s need for a holistic capital market development plan to channel significant long-term local currency sources. It reviews the non-bank sector’s regulatory setup, constrained domestic debt market liquidity, and institutional asset concentration abroad, then links these conditions to financing gaps created by the 2022 Retirement Funds Act’s domestic investment requirements.","Public Disc losure Authorized  \n THE WORLD BANK GROUP  \nFebruary 2023  \nAuthorized  \nREPUBLIC OF BOTSWANA  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nLONG-TERM FINANCE  \nPub lic Disc losure Authorized  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis Technical Note was prepared in the context of a joint IMFWorld Bank Financial Sector Assessment Program (FSAP) mission in Botswana during January 16-February 2, 2023 led by Harish Natarajan, World Bank and Thordur Jonasson (IMF), andoverseen by the Monetary and Capital Markets Department. IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at [www.worldbank.org/fsap](www.worldbank.org/fsap).  \nContents  \nExecutive Summary........................................................................................................................................................... 1  \nRecommendation Table ..................................................................................................................................................8  \nI. Sector Background ............................................................................................................................................... 10  \nII. Challenges & Recommendations .................................................................................................................... 22  \nANNEX 1: Examples of Regulatory Support for Capital Market Development ...................................... 32  \nANNEX 2: Creating Pipeline of Debt Issuance..................................................................................................... 37  \nANNEX 3: Value for Money Ratios & Pension Scheme Consolidation ...................................................... 38  \nANNEX 4: Examples of Public Pension Fund Support for Capital Market Development.................... 41  \nAnnex 5: Regional Examples of Institutional Investors Financing for Renewable Energy and Transport Programs....................................................................................................................................................... 46  \nGLOSSARY  \nABPAUMBADEX BAOABBBDCBHC BPC BIFM BoB BPOPF BSE BTCLBWP BXCCPCGCSDDB  \nDCDMODPF DvPETFEMDEFSAP FSDP GDP GMSLAGRBIDM IPOISDA JSEMFIMoF MoLSS MMMOPRMTDS MTN MSMENBFIRA OMO OTC PD  \nAnnual Borrowing Plan Assets Under Management  \nBond and Derivative Exchange Botswana Accounting Oversight Authority Bond Buyback  \nBotswana Development Corporation  \nBotswana Housing Corporation  \nBotswana Power Corporation Botswana Insurance Fund Management Bank of Botswana  \nBotswana Public Officers Pension Fund Botswana Stock Exchange  \nBotswana Telecommunications Corporation Limited  \nBotswana Pula  \nBond Exchange  \nCentral Clearing Counterparty Corporate Governance Central Securities Depository Defined Benefit  \nDefined Contribution Debt Management Office Debswana Pension Fund Delivery Vs. Payment Exchange Traded Fund  \nEmerging Market and Developing Economies Financial Sector Assessment Program Financial Sector Development Plan  \nGross Domestic Product  \nGlobal Master Securities Lending Agreement Government of the Republic of Botswana Investment and Debt Management Department Initial Public Offering  \nInternational Swaps and Derivatives Association Johannesburg Stock Exchange  \nMicrofinance Institution  \nMinistry of Finance and Economic Development Ministry of Labour and Social Security  \nMarket Maker  \nMonetary Policy Rate  \nMedium Term Debt Management Strategy Medium Term Notes Program  \nMicro Small and Medium Enterprises  \nNon-Bank Financial Institutions Regulatory Authority Open Market Operation  \nOver the Counter Primary Dealer  \nPE Private Equity  \nPFMI Principles for Financial Market Infrastructures  \nPIA Pension a","cbCaiaTITSBEJHxF","https://ap.wps.com/l/cbCaiaTITSBEJHxF","pdf",1921486,3,1,57,"English","en",105,"# Executive Summary\n## Background\n## Recommendation Table\n# Sector Background\n# Challenges & Recommendations\n# Annex 1: Examples of Regulatory Support for Capital Market Development\n# Annex 2: Creating Pipeline of Debt Issuance\n# Annex 3: Value for Money Ratios & Pension Scheme Consolidation\n# Annex 4: Examples of Public Pension Fund Support for Capital Market Development\n# Annex 5: Regional Examples of Institutional Investors Financing for Renewable Energy and Transport Programs\n# Glossary","[{\"question\":\"Why does Botswana need a long-term finance and capital market development plan?\",\"answer\":\"Botswana has substantial long-term local currency financing but lacks enough domestic investment opportunities, so institutional funds cannot be absorbed safely and productively without a holistic market development plan.\"},{\"question\":\"What is the role of the non-bank sector regulator mentioned in the note?\",\"answer\":\"Non-bank financial institutions are regulated and supervised by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), which reports to the Ministry of Finance.\"},{\"question\":\"How does the 2022 Retirement Funds Act affect pension fund investment behavior?\",\"answer\":\"The change increases required domestic investments from 33% to 50%, which the note estimates would require pension funds to repatriate a substantial amount of assets to invest locally.\"}]",1784471300,144,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"botswana-financial-sector-assessment-program-technical-note-long-term-finance","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":20},"https://docshare.wps.com/document/research-report/",{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/botswana-financial-sector-assessment-program-technical-note-long-term-finance/108447/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"Why does Botswana need a long-term finance and capital market development plan?","Question",{"text":75,"@type":76},"Botswana has substantial long-term local currency financing but lacks enough domestic investment opportunities, so institutional funds cannot be absorbed safely and productively without a holistic market development plan.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"What is the role of the non-bank sector regulator mentioned in the note?",{"text":80,"@type":76},"Non-bank financial institutions are regulated and supervised by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), which reports to the Ministry of Finance.",{"name":82,"@type":73,"acceptedAnswer":83},"How does the 2022 Retirement Funds Act affect pension fund investment behavior?",{"text":84,"@type":76},"The change increases required domestic investments from 33% to 50%, which the note estimates would require pension funds to repatriate a substantial amount of assets to invest 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