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Lesotho: Fourth Review Under the Poverty Reduction and Growth Facility Arrangement and Request for Waiver of Performance Criteria
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2003: Issue 169
Language:
English
Publication Date:
19 Jun 2003
DOI:
https://doi.org/10.5089/9781451823691.002
ISBN:
9781451823691
ISSN:
1934-7685
Pages:
62
Keywords:
ISCR; CR; authority; PRGF arrangement; PRGF loan; PRGF-supported program; expenditure management systems; National Vision program; authorities' memorandum; Budget planning and preparation; Current spending; Africa
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This paper assesses Lesotho’s Fourth Review Under the Poverty Reduction and Growth Facility Arrangement and Request for Waiver of Performance Criteria. Lesotho’s economic program was broadly on track through December 2002, but large fiscal slippages emerged by end-March 2003. IMF staff welcomes the government’s strong commitment to its economic program and recommends completion of the fourth review. It supports a waiver for the nonobserved quantitative performance criterion because of the actions taken by the government to reduce nonessential spending in 2002/03 and because of its commitment to implement sustainable fiscal policies in the medium term.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund