We expect Botswana's economy to expand at around 4% annually in 2018-2021 as diamond sector output grows. Botswana's external and fiscal balance sheets will remain strong despite a modest fiscal expansion ahead of the fall 2019 elections. We are affirming our 'A-/A-2' ratings on Botswana. The outlook is stable. On Oct. 26, 2018, S&P Global Ratings affirmed its 'A-/A-2' long- and short-term foreign and local currency sovereign credit ratings on Botswana. The outlook is stable. We also affirmed our 'A-/A-2' long- and short-term foreign and local currency sovereign credit ratings on the Bank of Botswana, because we equalize them with our ratings on the sovereign. The stable outlook reflects our expectation that strong external buffers and overall fiscal prudency will
