Kingdom of Lesotho: Staff Report for the 2012 Article IV Consultation and Second and Third Reviews Under the Three-Year Arrangement Under the Extended Credit Facility and a Request for Augmentation of Access: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of Lesotho.
May 11, 2012
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This staff report examines the Kingdom of Lesotho’s 2012 Article IV Consultation and second and third reviews under the three-year arrangement under the Extended Credit Facility. Real GDP growth for 2010/11 is estimated at 5¾ percent, and inflation rose gradually in 2011, driven by international commodity prices. Despite the sharp drop in Southern African Customs Union (SACU) revenues, fiscal performance in 2010/11 has been much better than programmed, reflecting higher domestic revenue collections and cuts in recurrent spending.
Subject: Central banks, External debt, Fiscal consolidation, Fiscal policy, Fiscal stance, International reserves, Public debt
Keywords: Africa, balance of payments position, CR, development partner, ECF arrangement, Fiscal consolidation, Fiscal stance, GDP, Global, IMF staff estimate, IMF's Executive Board, International reserves, ISCR, Lesotho, real GDP, SACU revenue, Southern Africa
Pages:
82
Volume:
2012
DOI:
Issue:
101
Series:
Country Report No. 2012/101
Stock No:
1LSOEA2012001
ISBN:
9781475503234
ISSN:
1934-7685
