Kingdom of Lesotho : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho
Author/Editor:
International Monetary Fund. African Dept.
Publication Date:
May 2, 2019
Electronic Access:
Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
A four-party coalition government took office in June 2017 and, with support from a regional peacekeeping force, has brought peace and stability. However, with SACU revenues below historical averages and government expenditures remaining high, the fiscal situation has deteriorated, leading to the emergence of government payment arrears. While international reserves are at adequate levels and banks remain well-capitalized, domestic arrears are beginning to impact the broader economy, exacerbating growth challenges posed by structural impediments. Unemployment, particularly among the young, is a major concern.
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