International demand for minerals will grow over the forecast period, and the depreciation of the pula will stimulate exports and limit the growth of imports, supporting the current-account position. Capital imports will grow over the forecast period, suppressed by the ongoing fiscal austerity measures but supported by infrastructure development and mining projects.

Although the new projections in the 2011/12 budget for payments from SACU are higher than expected, the revenue-sharing formula for the customs union is being renegotiated, and the trend is likely to be downward in the medium term. However, remittances are expected to increase with global growth and as more Batswana look for employment outside the country. Botswana's reserves and the majority of its pension funds are invested on international financial markets, where continued volatility poses a significant risk to the country's income account. In view of these trends (and in the light of ongoing revisions to historical balance-of-payments data by the BoB), we forecast that the current account will balance in 2011 and return to a surplus of 3.1% of GDP in 2012.