Kingdom of Lesotho: First Review Under the Three-Year Extended Credit Facility Arrangement and Requests for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria-Staff Report and Press Release

International Monetary Fund

No 2011/088, IMF Staff Country Reports from International Monetary Fund

Abstract: The authorities reiterated their firm commitment to the policies and objectives outlined in the May 17, 2010 Memorandum of Economic and Financial Policies. They are committed to a reduction in other primary spending by 2 percentage points of GDP. With the medium-term outlook broadly unchanged, the policy discussions focused on the FY2011–12 budget and the authorities’ structural reform agenda. Revenues are projected to fall in 2011–12, reflecting the disappearance of exceptional receipts in 2010–11. On the spending side, the authorities are facing a number of additional commitments—some of which are of a temporary nature.

Keywords: ISCR; CR; SDR; The ECF-supported program; IMF's executive board; resilience to external shocks; program implementation; debt service; financial asset; Government finance statistics; Balance of payments statistics; Africa; Global; Southern Africa (search for similar items in EconPapers)
Pages: 54
Date: 2011-04-11
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