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International Monetary Fund
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.
International Monetary Fund

preparation of the full PRSP for Lesotho is proceeding well, although with some delays caused by the extra time needed to coordinate carefully the planning processes that seek to improve living standards—including the government’s National Vision program—so that resulting policy recommendations are fully harmonized. The progress made so far in finalizing the PRSP provides a sound basis for support for Lesotho’s poverty reduction and social development efforts by the international community,” Mr. Sugisaki said.

International Monetary Fund. African Dept.

assessment report to be published at end-December 2019. The government is promoting good governance through building capacity in constitutional institutions (e.g., the Electoral Commission and the National Peace and Reconciliation commission) mandated to promote democratic principles. Also, it has launched a national political dialogue to confront national socio-political and economic challenges, aimed at improving trust, restoring public confidence, and promoting a shared national vision. Program and Other Issues 31. The SMP will cover the period May 15, 2019

International Monetary Fund. African Dept.
This paper discusses the Staff-Monitored Program (SMP) for Zimbabwe and highlights that the new government that assumed office following the July 2018 elections is committed to addressing the macroeconomic imbalances, removing structural distortions to facilitate a resumption in growth, and to re-engaging with the international community including by clearing its external arrears. The SMP will be monitored on a quarterly basis and is intended to assist the authorities in building a track record of implementation of a coherent set of economic and social policies that can facilitate a return to macroeconomic stability and assist in reengagement with the international community. With limited access to external financing and the very low level of international reserves, the authorities’ room for manoeuvre is very narrow. There are also significant implementation risks of the monetary and exchange rate reforms, as well as addressing governance and corruption weaknesses, which could adversely impact the attainment of SMP objectives.