Lesotho: Sixth Review Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 387

Publication date: December 2004

ISBN: 9781451823813

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , government , vehicle lease contract representative , food shortage situation , consumer price inflation , PRGF loan , inflation outlook , HIV and AIDS , Africa , Sub-Saharan Africa

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Grenada

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Republic of Congo : 2001 Article IV

Summary

This paper examines Lesotho’s Sixth Review Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Nonobservance of Performance Criteria. Real GDP growth slowed to 3¼ percent in 2003/04 (April-March) owing to the adverse impact of drought on agricultural output and slower-than-envisaged growth in the construction sector. Fiscal performance in 2003/04 was stronger than envisaged in the program, partly reflecting temporary factors. All quantitative performance criteria for December 2003 and indicative targets for March 2004 were met. The IMF staff supports the key macroeconomic objectives of the authorities’ budget for 2004/05.