Standard & Poor's maintains Botswana credit rating

This week, S&P reaffirmed foreign and domestic currency ratings as well as the stable outlook for Botswana.However, the ratings agency noted that the country continues to face major challenges arising, in particular, from the need to consolidate the fiscal position and effectively diversify the economy.

"Nonetheless, the public sector balance sheet is still strong overall, while the net external creditor position is expected to remain comfortable. The retention of both the ratings and outlook is an indication of the continued confidence in the authorities capacity and resolve to maintain the track record of efficient and prudent macroeconomic management," the Bank of Botswana said of S&P's announcement. Central Bank officials said the ratings could also improve if "the economic recovery is supported by accelerated implementation of reforms necessary for broadening private sector development."