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Kingdom Of Lesotho 2022 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Kingdom Of Lesotho
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Book Synopsis Kingdom of Lesotho: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by INTERNATIONAL MONETARY FUND. This book was released on 2022-06-07 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lesotho has been simultaneously hit by the pandemic, declining transfers from the Southern African Customs Union (SACU), and the impact of the war in Ukraine. The pandemic exacerbated the impact of sluggish regional performance, climate shocks, and longstanding structural issues such as regulation, governance, political stability, financial inclusion, and diversification. Public expenditure has continued to increase, such that the decline in external transfers precipitated significant financing pressures and growing domestic arrears. With limited inflows to the private sector, the resulting public sector-driven external imbalances have continued to put pressure on international reserves needed to maintain the exchange rate peg.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-04-30 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation highlights that while international reserves are at adequate levels and banks remain well-capitalized in the Republic of Lesotho, domestic arrears are beginning to impact the broader economy, exacerbating growth challenges posed by structural impediments. The recently passed FY2019/20 budget envisages an ambitious consolidation that could begin to lay the groundwork for a transition to private-sector driven growth. Construction related to the second phase of the Lesotho Highlands Water Project will support medium-term growth, and the diamond and textile industries have positive prospects. Fiscal adjustment is needed to address government arrears, buttress debt sustainability, and safeguard the link to the rand. Generating strong and inclusive growth will require improved public service delivery and the private sector to become the primary engine of job creation. Better targeting of the government’s resources, Public Financial Management reforms, and reorienting both expenditures and the role of government in the economy will be critical to achieve these goals.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2018-02-28 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that high levels of unemployment, poverty, and inequality persist in Lesotho despite its faster growth compared with regional peers over the last decade. GDP growth is expected to be about 3 percent in FY2017/18, below the average of 4.1 percent for the past decade, and driven by mining and agriculture. Over the next three years, GDP growth is expected to be led by mining and construction related to the Lesotho Highlands Water Project Phase II. A steep decline in Southern African Customs Union transfers, a major source of government revenue, will result in a fiscal deficit that is likely to exceed 6 percent of GDP for the second year.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-07-20 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The government-driven growth model remains a challenge for sustainable and inclusive growth in Lesotho, displacing resources from the private sector. Growth and inflation are subject to the impact of the war in Ukraine, sluggish regional performance, climate shocks, and longstanding structural issues including governance and corruption vulnerabilities, limited financial access, and fragile public financial management. The recently-elected government is prioritizing fiscal consolidation on the back of windfall transfers from the Southern African Customs Union (SACU) that have helped alleviate pressures on both financing and reserves.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-07-11 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2014 Article IV Consultation highlights that since 2010, the Lesotho’s economy has performed well with the growth of real GDP averaging over 5 percent a year and inflation held to single-digit levels. International reserves have recovered to close to 5 months of import coverage after dipping to 31⁄2 months of imports in 2012 in the wake of the balance of payments and fiscal crisis. The economic outlook for Lesotho is positive with strong economic growth and low inflation. Economic activity is expected to be supported by large public investment projects, including the second phase of Lesotho Highland Water Project.
Book Synopsis Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe by : International Monetary
Download or read book Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe written by International Monetary and published by International Monetary Fund. This book was released on 2022-04-08 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Zimbabwe experienced severe exogenous shocks (cyclone Idai, protracted drought, and the COVID-19 pandemic) during 2019-20, which along with policy missteps in 2019, led to a deep recession and high inflation. Real GDP contracted cumulatively by 11.7 percent during 2019-20 and inflation reached 837 percent (y/y) by July 2020. Reflecting good rainfall and relaxation of containment measures, real GDP rose by 6.3 percent in 2021. A tighter policy stance since mid-2020 (relative to 2019) has contributed to reducing inflation to 60.7 percent (y/y) at end-2021. However, high double-digit inflation and wide parallel foreign exchange (FX) market premia persist. The economic downturn and high inflation increased the financial system vulnerabilities. Extreme poverty has risen and about a third of the population is at risk of food insecurity. The international community seeks improvements in domestic political conditions and economic policies to initiate reengagement with Zimbabwe. The authorities have started token payments to external creditors in a bid to revive international reengagement.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2016-02-03 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2015 Article IV Consultation discusses key issues related to the economic growth of Lesotho. Although Lesotho achieved solid economic growth with only moderate inflation in the several years, this growth has failed to reduce poverty in the country. Lesotho's major chunk of revenue comes from South African Customs Union to finance large government expenditures, but this revenue will fall sharply in fiscal year 2016/17. Despite having substantial international reserves and fiscal buffers, a major fiscal adjustment over the next two to three years will be needed to maintain macroeconomic stability. The private sector needs to be the engine for job creation to strengthen inclusiveness.
Book Synopsis Kingdom of Eswatini by : International Monetary Fund. African Dept.
Download or read book Kingdom of Eswatini written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-05-05 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eswatini is at an important juncture as the authorities seek to address long-standing macroeconomic challenges in a shock-prone environment. While Eswatini has endured the pandemic and successive shocks from international commodity prices, fiscal and external buffers are low. Addressing long-standing macroeconomic imbalances—stemming mainly from fiscal overruns—remains a critical priority. Government efforts in this area have already begun but will need to be sustained over the medium-term. In tandem, shifting from a state-led to a private sector and export-led growth model will be essential to achieve higher and sustained levels of inclusive growth necessary for poverty reduction. Focused efforts to address the underlying causes of recent civil unrest, together with concerted efforts to tackle gaps in governance, are also needed.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund. African Dept.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by . This book was released on 2020-07-30 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic is having a severe impact on Lesotho's economy. Supply chains for major industries have been disrupted and a national shutdown to contain the virus curtailed economic activity with adverse social impacts. The economy is expected to be further hit by declining external demand for textiles and diamonds, shrinking remittances, and delays to major construction projects. The authorities are taking measures to contain the virus and are implementing plans to mitigate its health and economic consequences. The economic shock, as well as the additional required spending, have generated urgent balance-of-payments (BOP) needs. Lesotho does not have an arrangement with the Fund.
Book Synopsis Kingdom of Swaziland by : International Monetary Fund. African Dept.
Download or read book Kingdom of Swaziland written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2017-09-11 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that the macroeconomic conditions have recently deteriorated in Swaziland. In 2016, two shocks—a prolonged drought and a sharp decline in South African Customs Union (SACU) receipts—severely hit the economy, while an expansionary fiscal policy worsened fiscal and external balances. Growth in 2016 stagnated, as agricultural productions declined, and headline inflation increased sharply, mostly owing to rising food prices. Fiscal policy remains on an expansionary course, while the monetary stance has tightened. Despite a pickup in SACU revenue, the 2017 budget envisages a continuation of large fiscal deficits, and further increase in public debt.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund
Download or read book Kingdom of Lesotho written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-12-28 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Kingdom of Lesotho’s 2005 Article IV Consultation reports that the government’s fiscal position and the external current account have improved markedly. The authorities are preparing an action plan, in collaboration with development partners, to improve the business climate. Critical measures aim to increase labor productivity through training, reduce domestic costs for the private sector by addressing infrastructure bottlenecks, remove regulatory and administrative impediments, improve access to financial services, and promote product and export market diversification.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund
Download or read book Kingdom of Lesotho written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-05-11 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 53⁄4 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.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund
Download or read book Kingdom of Lesotho written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-04-21 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lesotho has made progress toward macroeconomic stability. After recent economic development, diamond production, garment industry, and good performance in the agriculture and service sectors were recovered. The fiscal position and public debt sustainability indicators have improved. Achievement of these objectives will call for an acceleration of the pace of structural reforms with a focus on promoting private sector development, while ensuring strong medium-term fiscal and external positions. The envisaged programs would be key to relieving constraints on growth and enhancing productivity.
Download or read book Kingdom of Lesotho written by and published by . This book was released on 2006 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Kingdom of Lesotho by : International Monetary Fund
Download or read book Kingdom of Lesotho written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-01-07 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2008 Article IV Consultation discusses that Lesotho has made significant progress in macroeconomic performance, but the pace of implementation of key structural reforms has been slow. After a decade of low growth, economic activity surged above historic trends, averaging 6.6 percent during 2006–07, driven by the mining, textile, and construction sectors. However, poverty has seen only a modest decline. Executive Directors have commended the authorities for their prudent macroeconomic management, which has contributed to the recent strong economic performance and a continued build-up of international reserves.
Book Synopsis Kingdom of Lesotho by : International Monetary Fund
Download or read book Kingdom of Lesotho written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-11-14 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lesotho is a small, landlocked, low-income country, with limited natural resources and a narrow production and export base. In recent Article IV consultations, IMF staff has emphasized the importance of ensuring that increases in outlays for poverty reduction are consistent with fiscal sustainability and absorptive capacity. However, economic activity has remained sluggish, reflecting the adverse impact of exogenous shocks. Fiscal management is becoming more challenging. The authorities are making efforts to implement their poverty reduction strategy. The political situation is relatively stable.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513594818 Total Pages :133 pages Book Rating :4.5/5 (135 download)
Book Synopsis Catastrophe Containment and Relief Trust—Fourth Tranche of Debt Service Relief in The Context of The Covid-19 Pandemic and Approval of Additional Beneficiary Member Countries by : International Monetary Fund
Download or read book Catastrophe Containment and Relief Trust—Fourth Tranche of Debt Service Relief in The Context of The Covid-19 Pandemic and Approval of Additional Beneficiary Member Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-10-08 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides brief updates for each CCRT-eligible country on its policy responses to the pandemic and on staff’s assessments of these policies, the use of resources freed up by debt service relief, and the implementation of governance safeguards commitments. The paper also provides an update on the financial situation of the CCRT. The generous support from 17 donor countries and the EU has mobilized SDR 609 million in new pledges since the onset of the pandemic.
