We forecast a rebound in Botswana's GDP growth in 2024, following weakness late last year driven by India's temporary pause on diamond imports. Ahead of the October 2024 elections, the government has announced an expansionary budget for the fiscal year ending March 31, 2025, and although we expect this to increase the fiscal deficit in that year, we anticipate that the government will aim to reduce the deficit in its budgets for the following years. We project that Botswana will maintain a strong net external asset position and report further current account surpluses over 2023-2027. We are affirming our 'BBB+/A-2' ratings on Botswana and the Bank of Botswana. The outlooks are stable. On March 15, 2024, S&P Global Ratings affirmed
