We expect Botswana's GDP to contract by 9% in 2020 because of the adverse impact of the COVID-19 pandemic, compounded by weaker diamond exports. The fallout from the current pressures could delay medium-term fiscal consolidation and further erode Botswana's external buffers A stable and predictable institutional framework continues to support the ratings, and the monetary policy framework supports macroeconomic stability. We are revising our outlook on Botswana to negative from stable and affirming our 'BBB+/A-2' ratings. On Sept. 18, 2020, S&P Global Ratings revised the outlook on Botswana to negative from stable. At the same time, we affirmed our 'BBB+/A-2' long- and short-term foreign and local currency sovereign credit ratings on Botswana. We also affirmed our 'BBB+/A-2' long- and short-term
