Moody's upgrades Botswana

Moody's said it expected further improvements as the government stuck to its plans for fiscal consolidation and a revitalised diamond sector stimulated a robust economic recovery.

"The ratings could be downgraded in the event of a serious and durable deterioration in the country's debt metrics and/or a continuous deterioration in its net asset position over the medium-term," the agency said. Following a three-year long budget deficit, Botswana is on course to achieve a balanced budget for the 2012/13 fiscal year that will be unveiled in February next year.