Lesotho: Sixth Review Under the Poverty Reduction and Growth Facility and Request for Waiver of Nonobservance of Performance Criteria
Volume/Issue:
Volume 2004
Issue 387
Publication date: December 2004
ISBN: 9781451823813
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Business and Economics , Political Science , Banks and Banking , Exports and Imports , Health and Fitness , 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
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.
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