S&P Global Ratings has affirmed Botswana's sovereign credit ratings, maintaining a stable outlook. The country remains the highest credit-rated country in Africa, with a stable outlook due to the resilience of demand for diamonds and economic growth. The ratings are supported by Botswana's strong institutional frameworks, prudent management of domestic natural resource wealth, strong external balance sheet, low government debt burden, and a strong monetary policy framework. S&P expects global demand for diamonds to remain relatively resilient, and that the G7 sanctions on Russia's diamond exports will not significantly impact Botswana's diamond exports. The rating Agency expect that the implementation of the 2024/25 budget and related economic transformation and policy reforms will support non-mining sector growth. The ratings emphasize the importance of maintaining strong institutions and policy frameworks for macroeconomic stability.