Kingdom of Lesotho:Requests for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Lesotho

Author: International Monetary Fund. African Dept.

Requests for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Lesotho

Volume/Issue: Volume 2020 Issue 228

Publication date: July 2020

ISBN: 9781513551845

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , ISCR , CR , financing , pandemic , support , emergency financing request , IMF lending tracker , bursary scheme , emergency financing from the IMF , financing gap , COVID-19 , Africa , Global , Southern Africa , Debt sustainability analysis , Stress testing

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Summary

The COVID-19 pandemic is having a severe impact on Lesotho’s economy. Supply chains for major industries have been disrupted and a national shutdown to contain the virus curtailed economic activity with adverse social impacts. The economy is expected to be further hit by declining external demand for textiles and diamonds, shrinking remittances, and delays to major construction projects. The authorities are taking measures to contain the virus and are implementing plans to mitigate its health and economic consequences. The economic shock, as well as the additional required spending, have generated urgent balance-of-payments (BOP) needs. Lesotho does not have an arrangement with the Fund.