Kingdom of Lesotho: Technical Assistance Report—Government Finance Statistics Mission (January 14–25, 2019)
IMF Staff Country Reports, November 4, 2019
Source details
- Canonical URL
- Kingdom of Lesotho: Technical Assistance Report—Government Finance Statistics Mission (January 14–25, 2019)
Other formats
Bibliographic details
- Published: November 4, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513518893.002
Overview
- Mission dates: January 14–25, 2019.
- Publication date on landing page: November 4, 2019.
- Purpose: Review progress against recommendations of previous GFS technical assistance (TA) missions and further assist with improving the quality of GFS currently compiled and disseminated.
- Pages: 33
- Volume: 2019
- Issue: 000
- Series: Country Report No. 2019/000
- DOI: https://doi.org/10.5089/9781513518893.002
- Stock No: 1LSOEA2019002
- ISBN: 9781513518893
- ISSN: 1934-7685
Key findings from the mission
- Reviewed progress with implementation of previous GFS TA recommendations.
- Updated the public sector institutional table.
- Reviewed new compilation methods and noted some improvements with the approach.
- Accounts payable are now recorded under financing to bridge the timing difference of commitment basis expenditure.
- The legal and institutional environment is conducive to compiling macroeconomic and financial statistics.
- The relevance and practical utility of existing macroeconomic and financial statistics are monitored.
- Management processes are in place to monitor the quality of macroeconomic and financial statistics.
- Institutional integrity, transparency, and ethical practices meet statistical standards.
- Remaining need: correct recording to distinguish expense from acquisition of financial assets.
Technical changes and compilation practice notes
- Recording change: accounts payable recorded under financing to bridge timing differences arising from commitment-basis expenditure.
- Compilation methods: mission reviewed new compilation methods and observed some improvements (no specific method names or stepwise changes provided in source content).
Institutional assessment
- Legal and institutional framework: characterized as conducive to compiling macroeconomic and financial statistics.
- Quality assurance: relevance and practical utility of statistics are monitored; management processes exist to monitor quality.
- Integrity and ethics: institutional integrity, transparency, and ethical practices meet statistical standards.
Outstanding issues and recommendations
- Principal outstanding issue identified in the report:
- Correct recording to distinguish expense from acquisition of financial assets (i.e., ensure transactions are recorded in the correct functional/economic classification to avoid conflation of expenses with financial asset acquisitions).
Subject focus and keywords (as listed)
- Subjects: Chart of accounts, Data collection, Economic and financial statistics, Economic sectors, Financial statements, Financial statistics, Government finance statistics, Public financial management (PFM), Public sector
- Keywords: Accountant General office, compilation file, CR, Data collection, Financial statements, Financial statistics, GFS compilation, GFS improvement work plan, GFS TA mission, Government finance statistics, IFMIS debt data, improvement work plan, ISCR, MCC GFS data, MCC GFS datum, principal secretary, Public sector, TA mission, TA recommendation
International Monetary Fund. Kingdom of Lesotho: Technical Assistance Report—Government Finance Statistics Mission (January 14–25, 2019), IMF Staff Country Reports 2019, 000 (2019).
Content in this bundle
- 1. Public Sector Institutional Table