Further actions might include guidance on best practices for government-sponsored securitisation schemes, or new solutions that would help troubled but viable firms to restructure outstanding debts and raise new equity. Finally, we also need to make progress on the banking union, which unfortunately remains unfinished. Renewed efforts are urgently required to improve its crisis management framework.
Let me begin by refreshing memories on the objective and content of the Monetary Policy Statement, which the Bank of Botswana issues every year. The Statement serves several purposes. First, it provides an opportunity for the Bank to report on inflation and monetary policy developments in the previous year, and to present its assessment of the outlook for inflation in the current year.