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.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Contributor:

International Monetary Fund. African Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2012/101

IMF country report ; no. 12/101

IMF Staff Country Reports

Language:

English

Subjects (All):

Credit--Lesotho.

Credit.

Lesotho--Economic conditions--1966-.

Lesotho.

Lesotho--Economic policy.

Physical Description:

1 online resource (86 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2012.

Language Note:

English

Summary:

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.

Contents:

Cover; Contents; Executive Summary; I. Introduction; II. Recent Economic Developments and Program Performance; Boxes; 1. Diamond Sector; III. Article IV Consultation Discussion; A. Policies to Ensure Macroeconomic Stability; 2. Impacts of Recent Floods and High International Commodity Prices on International Reserves; B. Policies to Achieve Sustained Growth in the Medium-Term; 3. Exchange Rate Assessment; 4. Non-bank Financial Institutions; 5. Disparity in GNI and GDP; C. Medium-term Outlook; IV. Program Monitoring, Poverty Reduction Strategy, and Safeguards Assessment

A. Case for AugmentationB. Program Monitoring; C. Poverty Reduction Strategy; D. Safeguards Assessment; V. Staff Appraisal; Tables; 1. Selected Economic Indicators, 2009/10-2016/17; 2. Fiscal Operations of the Central Government, 2009/10-2016/17 (Maloti millions); 3. Fiscal Operations of the Central Government, 2009/10-2016/17 (Percent of GDP); 4. Monetary Accounts, 2009-13; 5. Balance of Payments, 2009/10-2016/17; 6. Commercial Bank Performance Ratios, 2005-11; 7. Indicators of Capacity to Repay to IMF; 8. Schedule of ECF Disbursements and Reviews, 2011-13; 9. Millennium Development Goals

AppendixI. Letter of Intent; Attachments; 1. Memorandum of Economic and Financial Policies; 2. Technical Memorandum of Understanding; Contents; I. Relations with the Fund; II. The JMAP Bank-Fund Matrix; III. Statistical Issues

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475535914

1475535910

9781475577242

1475577249