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 bolstering the government's capacity to absorb potential shocks. Total government debt remains low, at about 5% of GDP, comprising mainly debt issued to develop a domestic bond market and multilateral external debt. Echoing the strong external performance, the general government balance achieved a surplus of 11.7% of GDP in fiscal 2006/2007 (ended March 31, 2007),
