Lesotho: Recent Economic Developments

Author: International Monetary Fund

This paper reviews economic developments in Lesotho during 1990–94.

Volume/Issue: Volume 1994 Issue 002

Publication date: January 1994

ISBN: 9781451823714

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Topics covered in this book

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Banks and Banking , Exports and Imports , ISCR , CR , wage , outlay , real GNP , adjustment program , development budget , liquid asset ratio , real value , vis-à-vis South Africa

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Summary

This paper reviews economic developments in Lesotho during 1990–94. During the six years (1988/89–1993/94) under the IMF-supported programs, real GDP growth has averaged 6.5 percent, and investment has risen rapidly, owing to activities related to the Lesotho Highlands Water Project and substantial foreign private direct investment. Real gross national product growth averaged only 3.3 percent, owing to a decline in remittances, as a major retrenchment of mine workers in South Africa occurred during this period. The government’s budgetary position improved substantially during the six-year period.