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

International Monetary Fund

No 2012/101, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; ECF arrangement; GDP; real GDP; Lesotho; IMF's Executive Board; SACU revenue; development partner; balance of payments position; IMF staff estimate; Fiscal stance; International reserves; Fiscal consolidation; Africa; Global; Southern Africa (search for similar items in EconPapers)
Pages: 82
Date: 2012-05-11
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