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US top designer Clavon Leonard comes to Botswana

This weekend Fashion Meet BW will be hosting Clavon Leonard, a US based designer. Having graced big stages such as Vogue and New York Fashion Week Leonard will be alongside another fashion designer from Ghana as well as some designers at Culture Art Café BW runway in Molapo Crossing Mall.

A communiqué from the hosts, Flowetry Media House states that Clavon Leonard will be offering a meet and greet session with local designers, corporates, and those passionate about the field. The aim is to bridge the barrier between international fashion and local fashion.
Fashion Meet BW (FMB) aims to connect BW designers, fashion extraordinaire and the like with well renowned international designers. The idea is to break down border barriers and connect local designers with international brands that can connect them with markets outside their homeland.

The Fashion Meet BW event will begin as a Bi- Monthly affair and will provide a fashion show opportunity for the local designers to showcase on the same Platform as International Headlining designers mixed with networking sessions that will initiate lucrative relations between the Botswana designers and international designers. This is a new opportunity to get intimate with the international market of Fashion.  FMB is proud to launch on August 4th with Clavon Leonard, A New York based designer and label, who is most noted for his menswear.

Leonard finds his inspiration by fusing his cultural and moral experiences. Offering luxury garments and high-end leather accessories, he creates timeless pieces that unite classic style and trending movements in the hope of leaving a legacy of innovation and iconicism in fashion.  The Clavon brand has graced the likes of New York Fashion week and Vogue magazine with his designs and has tremendous international appeal.

At the age of twelve, Leonard had a dream of seeing people walk down the runway in his clothing. He did not fully comprehend the dream then, but saw the affinity for clothing and being well dressed grow as he watched his father. Appearance was important and his father’s care for style instilled in him his own passion to express himself through clothing. The freedom he found in fashion became limited as high school required uniforms. With that restriction, then came a greater awareness of his skin color. The experiences of high school pushed him to experiment with fabrics, colors, and patterns so his skin was not the only thing standing out. 

At age 51, Leonard Clavon is finally living the dream he had as a young boy, a testament that it is never too late to pursue what you love. From his first NYFW show with the Set NY in 2014, doors began to open.  In 2015, he showcased at Mercedes Benz New Zealand, Fashion Gallery NYFW, Fashion Week Los Angeles, to his stand alone show for NYFW in 2017.

His designs have been featured in publications such as British Vogue, Tatler, and British GQ. He has dressed and styled Carla Hall of ABC’s “The Chew”, pop music’s Frankie Zulferino, and NFL star Jonathan Casillas. In three years, business has surpassed what Clavon imagined he appreciates his entire team who have dedicated themselves to push this brand.

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Botswana on high red alert as AML joins Covid-19 to plague mankind

21st September 2020
Botswana-on-high-alert-as-AML-joins-Covid-19-to-plague-mankind-

This century is always looking at improving new super high speed technology to make life easier. On the other hand, beckoning as an emerging fierce reversal force to equally match or dominate this life enhancing super new tech, comes swift human adversaries which seem to have come to make living on earth even more difficult.

The recent discovery of a pandemic, Covid-19, which moves at a pace of unimaginable and unpredictable proportions; locking people inside homes and barring human interactions with its dreaded death threat, is currently being felt.

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Finance Committee cautions Gov’t against imprudent raising of debt levels

21st September 2020
Finance Committe Chairman: Thapelo Letsholo

Member of Parliament for Kanye North, Thapelo Letsholo has cautioned Government against excessive borrowing and poorly managed debt levels.

He was speaking in  Parliament on Tuesday delivering  Parliament’s Finance Committee report after assessing a  motion that sought to raise Government Bond program ceiling to P30 billion, a big jump from the initial P15 Billion.

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Gov’t Investment Account drying up fast!  

21st September 2020
Dr Matsheka

Government Investment Account (GIA) which forms part of the Pula fund has been significantly drawn down to finance Botswana’s budget deficits since 2008/09 Global financial crises.

The 2009 global economic recession triggered the collapse of financial markets in the United States, sending waves of shock across world economies, eroding business sentiment, and causing financiers of trade to excise heightened caution and hold onto their cash.

The ripple effects of this economic catastrophe were mostly felt by low to middle income resource based economies, amplifying their vulnerability to external shocks. The diamond industry which forms the gist of Botswana’s economic make up collapsed to zero trade levels across the entire value chain.

The Upstream, where Botswana gathers much of its diamond revenue was adversely impacted by muted demand in the Midstream. The situation was exacerbated by zero appetite of polished goods by jewelry manufacturers and retail outlets due to lowered tail end consumer demand.

This resulted in sharp decline of Government revenue, ballooned budget deficits and suspension of some developmental projects. To finance the deficit and some prioritized national development projects, government had to dip into cash balances, foreign reserves and borrow both externally and locally.

Much of drawing was from Government Investment Account as opposed to drawing from foreign reserve component of the Pula Fund; the latter was spared as a fiscal buffer for the worst rainy days.

Consequently this resulted in significant decline in funds held in the Government Investment Account (GIA). The account serves as Government’s main savings depository and fund for national policy objectives.

However as the world emerged from the 2009 recession government revenue graph picked up to pre recession levels before going down again around 2016/17 owing to challenges in the diamond industry.

Due to a number of budget surpluses from 2012/13 financial year the Government Investment Account started expanding back to P30 billion levels before a series of budget deficits in the National Development Plan 11 pushed it back to decline a decline wave.

When the National Development Plan 11 commenced three (3) financial years ago, government announced that the first half of the NDP would run at budget deficits.

This  as explained by Minister of Finance in 2017 would be occasioned by decline in diamond revenue mainly due to government forfeiting some of its dividend from Debswana to fund mine expansion projects.

Cumulatively since 2017/18 to 2019/20 financial year the budget deficit totaled to over P16 billion, of which was financed by both external and domestic borrowing and drawing down from government cash balances. Drawing down from government cash balances meant significant withdrawals from the Government Investment Account.

The Government Investment Account (GIA) was established in accordance with Section 35 of the Bank of Botswana Act Cap. 55:01. The Account represents Government’s share of the Botswana‘s foreign exchange reserves, its investment and management strategies are aligned to the Bank of Botswana’s foreign exchange reserves management and investment guidelines.

Government Investment Account, comprises of Pula denominated deposits at the Bank of Botswana and held in the Pula Fund, which is the long-term investment tranche of the foreign exchange reserves.

In June 2017 while answering a question from Bogolo Kenewendo, the then Minister of Finance & Economic Development Kenneth Mathambo told parliament that as of June 30, 2017, the total assets in the Pula Fund was P56.818 billion, of which the balance in the GIA was P30.832 billion.

Kenewendo was still a back bench specially elected Member of Parliament before ascending to cabinet post in 2018. Last week Minister of Finance & Economic Development, Dr Thapelo Matsheka, when presenting a motion to raise government local borrowing ceiling from P15 billion to P30 Billion told parliament that as of December 2019 Government Investment Account amounted to P18.3 billion.

Dr Matsheka further told parliament that prior to financial crisis of 2008/9 the account amounted to P30.5 billion (41 % of GDP) in December of 2008 while as at December 2019 it stood at P18.3 billion (only 9 % of GDP) mirroring a total decline by P11 billion in the entire 11 years.

Back in 2017 Parliament was also told that the Government Investment Account may be drawn-down or added to, in line with actuations in the Government’s expenditure and revenue outturns. “This is intended to provide the Government with appropriate funds to execute its functions and responsibilities effectively and efficiently” said Mathambo, then Minister of Finance.

Acknowledging the need to draw down from GIA no more, current Minister of Finance   Dr Matsheka said “It is under this background that it would be advisable to avoid excessive draw down from this account to preserve it as a financial buffer”

He further cautioned “The danger with substantially reduced financial buffers is that when an economic shock occurs or a disaster descends upon us and adversely affects our economy it becomes very difficult for the country to manage such a shock”

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