The ECF-supported program, adopted against the backdrop of a sharp fall in revenues from the Southern African Customs Union, is on track. Lesotho met all of its quantitative performance criteria except for the performance criterion on stock of net international reserves of the Central Bank of Lesotho that was not observed by a small margin. Structural reforms are also progressing. Ongoing successful program implementation will help strengthen Lesotho’s resilience to external shocks and foster economic growth and poverty reduction.
The three-year SDR 41.9 million (about US$61.4 million) ECF arrangement for Lesotho was approved by the IMF’s Executive Board on June 2, 2010 . Lesotho joined the Fund in July 1968.
IMFArrangement for the Kingdom of Lesotho, Disbursement of US$9 Million approved
Special Correspondent - 2011-04-04 23:00
The Executive Board of the International Monetary Fund (IMF) has completed the first review of the Kingdom of Lesotho's economic performance under the Extended Credit Facility (ECF) arrangement. The Board's decision, which was taken on a lapse of time basis, enables the authorities to draw an additional SDR 5.68 million (US$9 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 13.5 million (US$21.4 million).