skills transformation, among others. i suggest that, to sustain medium to long - term prospects for the economy, diversified and inclusive growth and transition to high - income status, policy should focus on raising potential growth through structural and fiscal reforms, while maintaining sound macroeconomic policy frameworks and a stable financial sector, as well as rebuilding buffers to boost resilience. the 2018 theme topic is, therefore, a contribution in this regard. distinguished ladies and gentlemen, allow me to introduce to you my colleagues here in the room and, thereafter, call upon the chief financial officer, mr daniel loeto to kick - start the presentations. i thank you for you kind attention.

bank of botswana 2019 media economic briefing - welcome remarks by moses d pelaelo governor may 21, 2019 let me thank you, distinguished members of the media, for honouring the bank ’ s invitation to today ’ s economic briefing, which also marks the launch of the 2018 bank of botswana annual report. as i have repeatedly indicated, the bank of botswana values greatly the critical role played by the media in the dissemination of financial, economic and other information to the nation ; it is, therefore, not a coincidence that this economic briefing comes immediately after the briefing of his excellency the president and members of the cabinet. the annual report is published in compliance with the bank of botswana act and, as a statutory requirement, contains a report on the bank ’ s operations and audited financial statements, that is to say, it is the primary vehicle for accountability to the nation on the operations and financial performance of the bank. in addition to the statutory aspects of the report, it is a tradition that the annual report also includes a review of economic developments and outlook, as well as a theme topic section. the review provides an analytical content and explanations for economic developments and prospects, as well as background to policy conduct and operations by the bank. in particular, this is with respect to monetary and exchange rate policies, financial stability, banking sector regulation, currency management, payments infrastructure and the management of foreign exchange reserves. the successive theme topics contribute to national economic policy analysis and evaluation and, hence, the requisite response and transformation needed to sustain the desired level of inclusive and diversified growth of the economy. distinguish ladies and gentlemen, the bank ’ s financial performance and operations in 2018 is against the background of moderation in the pace of global economic growth, associated with slack in growth of demand in an environment of policy uncertainty induced by increasingly inward looking policies, heightened trade and geopolitical tensions, lack of progress on brexit and adverse climate. meanwhile, in the region and domestically, prospects for growth and transformation continue to be adversely affected by both the inadequate pace and lack of traction of structural and policy reforms. distinguished members of the media, you will note that the combination of international developments and the domestic context affect the immediate as well as the medium - to long - term outcomes. the first presentation this morning will relate more to the immediate outcomes, being the report on the bank ’ s operations and financial statements by the chief financial officer, mr daniel loeto. mr loeto will, among others, highlight