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Business and Economics > Budgeting

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • Lesotho, Kingdom of x
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Cover IMF Staff Country Reports
Kingdom of Lesotho: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. African Dept.
The 2023 Article IV Consultation discusses that Lesotho’s economy continues to face a number of challenges in the wake of the pandemic. Climate shocks, delays to infrastructure projects, high food and fuel prices, declining diamond prices, layoffs in the textiles sector, and weak regional and external demand are weighing on activity. The government is prioritizing fiscal consolidation on the back of windfall transfers from the Southern African Customs Union, which have helped alleviate near-term pressures on financing and reserves. Alongside, broad-ranging structural reforms will be vital for the economy to transition to durable, resilient, inclusive, job-rich, and sustainable private sector-led growth. The IMF Staff strongly encourages efforts to improve the business environment, strengthen financial stability, and enhance business lending. The Staff strongly encourages the authorities to continue their efforts to increase capacity, improve data quality, and coordinate closely on macroeconomic policies. High data quality and information sharing are critical for policymaking—from measuring economic performance to forecasting.
Keywords:
exports threshold; CBL approval; IMF CD; SACU windfall; government finance; policy rate change; Debt sustainability analysis; Africa; Global; Southern Africa
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho
International Monetary Fund. African Dept.
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.
Keywords:
CBL approval; Lesotho economy; private sector; government finance; liability positions vis-à-vis nonresident; exports threshold; IMF staff calculation; Africa; Southern Africa; Global
Cover IMF Staff Country Reports
Kingdom of Lesotho: Technical Assistance Report—Government Finance Statistics Mission (January 14–25, 2019)
International Monetary Fund. Statistics Dept.
This paper on government finance statistics (GFS) mission in Lesotho presents a review of progress against recommendations of previous GFS technical assistance (TA) missions and further assist with improving the quality of GFS currently compiled and disseminated. The mission reviewed progress with implementation of previous GFS TA recommendations and updated the public sector institutional table. The mission reviewed the new compilation methods and noted some improvements with the approach. Accounts payable are now recorded under financing, to bridge the timing difference of commitment basis expenditure. The report explains that the legal and institutional environment is conducive to compiling macroeconomic and financial statistics; the relevance and practical utility of existing macroeconomic and financial statistics are monitored; management processes are in place to monitor the quality of macroeconomic and financial statistics; and institutional integrity, transparency, and ethical practices meet statistical standards. There is still a need to correct recording to distinguish expense from acquisition of financial assets.
Keywords:
ISCR; CR; GFS TA mission; GFS compilation; GFS improvement work plan; MCC GFS data; Accountant General office; TA recommendation; TA mission; compilation file; improvement work plan; MCC GFS datum; principal secretary; IFMIS debt data; Government finance statistics; Financial statements; Data collection; Public sector; Financial statistics
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho
International Monetary Fund. African Dept.
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.
Keywords:
ISCR; CR; government; Lesotho; government payment arrears; payment arrears; Our Lesotho authorities; liability positions vis-à-vis nonresident; SACU revenue; balance of payments weakness; Government finance statistics; Budget planning and preparation; Africa; Southern Africa; Global; transparency policy
Cover IMF Staff Country Reports
Kingdom of Lesotho: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses the findings and recommendations made by the IMF mission regarding compilation of Government Finance Statistics (GFS) in Lesotho. The IMF mission reviewed current compilation methods of GFS for the budgetary central government and found that there were significant accuracy, classification, coverage, and comprehensiveness issues that undermine the credibility of fiscal statistics currently compiled and disseminated. Currently compiled and disseminated GFS include a large and persistent statistical discrepancy. The statistical discrepancy averaged to about a third of total revenue in preliminary data for FY2016/17 and FY2017/18. The mission also identified and discussed with the staff of the Ministry of Finance a number of reasons that may partly explain the discrepancy.
Keywords:
ISCR; CR; financial statement; transaction; payment; statement of operation; BCG statement; debt liability; capital budget; noncash transaction; GFS statement; Government finance statistics; Chart of accounts; Budget planning and preparation; Financial statements; Africa
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2015 Article IV Consultation-Press Release; Staff Report
International Monetary Fund. African Dept.
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.
Keywords:
ISCR; CR; SACU revenue; bullet; banking system; exchange rate; executive board assessment; money market rate; financial asset; Lesotho's allocation; fund request; Fiscal consolidation; Budget planning and preparation; Africa; Southern Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Kingdom of Lesotho
International Monetary Fund
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.
Keywords:
ISCR; CR; Lesotho; authority; real GDP; surplus; NPV; textile trade regime; recognition of the need; SACU windfall; fiscal strategy; authorities' recognition; exchange rate; Public investment and public-private partnerships (PPP); Africa; Global
Cover IMF Staff Country Reports
Kingdom of Lesotho: Staff Report for the 2006 Article IV Consultation
International Monetary Fund
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.
Keywords:
ISCR; CR; staff appraisal; SACU; exchange rate.; windfall SACU revenue; exchange rate of the loti; SACU receipt; government of the Kingdom of Lesotho; International reserves; Total expenditures; Southern Africa; Africa
Cover IMF Staff Country Reports
Namibia: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that Namibia recorded robust real GDP growth, falling inflation, a strong external current account surplus, and continued low external indebtedness over the last two years. Real GDP grew by 6 percent in 2004, as new marine technologies prompted a surge in diamond production and most other sectors of the economy showed solid economic activity, aided by a decline in interest rates. Growth slowed in 2005, as diamond production fell relative to the high production base of the previous year and growth rates in other sectors moderated somewhat.
Keywords:
ISCR; CR; government; Namibian authorities; outlay; expenditure side; authorities target ceiling; staff appraisal; SACU receipts; Government debt management; Africa; Sub-Saharan Africa; Southern Africa
Cover IMF Staff Country Reports
The Kingdom of Swaziland: 2005 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director
International Monetary Fund
Economic growth in Swaziland has weakened over the past decade. This 2005 Article IV Consultation highlights that real GDP growth decelerated to 2.1 percent in 2004 and an estimated 1.8 percent in 2005. A prolonged drought affected agricultural output, particularly maize, the main staple crop, and cotton. The authorities completed a “Poverty Reduction Strategy and Action Plan” in October 2004. The document spells out policies with the overall objective of halving the 1995 poverty rate by 2015. However, little progress has been made toward this and other Millennium Development Goals.
Keywords:
ISCR; CR; government; right; Swazi authorities; formulation exercise; Swaziland; revenue collection effort; government activity; oil import price; International reserves; Budget planning and preparation; Africa; Global