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International Monetary Fund

the program. As outlined in the authoritiesmemorandum of economic and financial policies, the underspending resulted from lower spending on food security, as agriculture production improved throughout the country, lower interest payments to multilateral creditors in view of MDRI, and slower execution of investment projects constrained by lack of institutional capacity. Finally, the resulting effects of higher revenue collection, underspending, and important external support led to a 2006 basic deficit lower than envisaged and a revised domestic financing, reduced

International Monetary Fund

particular in the fiscal sector where the authorities are implementing the FAD technical mission recommendations. As described in the authoritiesMemorandum on Economic and Financial Policies for 2004, a wide range of measures consistent with the PRSP are being taken. Performance in 2003 Macroeconomic performance in 2003 continued to improve compared to the previous year, on the basis of the comprehensive measures undertaken. All the performance criteria for end-June 2003 were observed. Real GDP in 2003 is estimated to have increased by nearly 10 percent, compared

International Monetary Fund

to strengthen the supervisory and prudential framework. Additionally, paragraph 29 of the authoritiesMemorandum of Economic Policy outlines the actions being adopted and envisaged during the program to advance a full-fledged restructuring of the banking system to enable it to fulfill its intermediation role efficiently. 12. The government has issued bonds to recapitalize commercial banks for the asymmetric pesoification of loans and deposits and has expressed the intention to similarly address the costs attributable both to the asymmetric indexation and the

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
This paper examines Lesotho’s 2001 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility Arrangement, and a Request for Waiver of the Performance Criterion. The economic program remains on track. Key economic indicators are performing as expected, and all quantitative performance criteria for end-September 2001 were observed. However, one structural performance criterion, making the Lesotho Revenue Authority operational, was delayed because of late parliamentary action. One benchmark—completing the 2000/01 public accounts for auditing—was not completed because of a decision to complete accounts from 1993/94 in sequence.