An increasingly robust public sector balance sheet and prudent fiscal policies A well-managed and growing minerals-based economy A long record of political and macroeconomic stability A narrow economic base, gradually diversifying, with strong economic and fiscal dependence on the mining sector Large development needs and the HIV/AIDS pandemic, which pose significant policy and financial challenges The ratings on the Republic of Botswana reflect the country's increasingly strong financial position, a well-managed and growing minerals-based economy, and political stability, offset by the narrow economic base, and the challenges to growth posed by the country's large development needs and high HIV/AIDS prevalence rate. Estimated at 139% of current account receipts (CARs), Botswana's net external asset position continued to strengthen in 2007, further
