Kingdom of Lesotho: 2023 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2023 Issue 268

Publication date: July 2023

ISBN: 9798400248542

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Topics covered in this book

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Business and Economics - Statistics , Public Finance , Economics- Macroeconomics , Exports and Imports , International - Economics , Money and Monetary Policy , exports threshold , CBL approval , IMF CD , SACU windfall , government finance , policy rate change , Debt sustainability analysis , Africa , Global , Southern Africa

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Summary

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.