Kingdom of Lesotho: Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criterion, and Request for Modification of Performance Criteria
December 4, 2012
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Lesotho’s economic growth has weakened compared with the earlier forecast, owing to adverse exogenous shocks. In 2011/12, despite weather-related shocks (floods), robust growth was maintained. To address these shocks, the authorities have sought external assistance. Lesotho continued to face the challenges in rebuilding its international reserve cushion. The authorities continued commitment to implement reforms in improving the business climate to support private sector-led growth and economic diversification. The authorities have also requested a waiver for the missed cumulative quantitative performance.
Subject: Banking, Central banks, Fiscal consolidation, Fiscal policy, Fiscal stance, Government debt management, International reserves, Public financial management (PFM), Revenue administration
Keywords: Africa, complying disbursement, CR, development spending, Fiscal consolidation, Fiscal stance, Global, government, Government debt management, government of Lesotho, IMF's Executive Board, International reserves, ISCR, SACU revenue, SDR, Southern Africa
Pages:
54
Volume:
2012
DOI:
Issue:
322
Series:
Country Report No. 2012/322
Stock No:
1LSOEA2012003
ISBN:
9781475585384
ISSN:
1934-7685
