Download or read book Kingdom of Lesotho Public Expenditure Review written by Weltbank and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Public Expenditure Review (PER) was prepared in response to a request from the Ministry of Finance (MoF) and is designed to inform Lesotho's fiscal consolidation due to a narrowing of its fiscal space. Lesotho is facing a tough macro-fiscal outlook due to a sharp decline in Southern African Customs Union (SACU) revenues. This situation necessitates a significant adjustment in the current fiscal stance to ensure longer-term fiscal sustainability. However, the adjustment should be tailored to minimize any adverse growth and poverty impacts. Thus, this PER is intended to support the government's efforts to adjust its policies to better address Lesotho's current macro-fiscal circumstances. Lesotho is one of the poorest and most unequal countries in the world, despite a relatively good growth performance over the past 15 years. Lesotho's per capita gross national income is about 1550 US dollars. Lesotho's poverty rate is 59 percent (1.90 US dollars purchasing power parity [PPP] per day), its Gini coefficient is 0.541, and about 59 percent of the population now lives below the international poverty line of 1.90 dollar/day. Both poverty and extreme poverty disproportionately affect the rural population, and the bottom 40 percent of Lesotho's population experienced a decline in consumption each year between 2002 and 2011. This compares to increases, albeit meager, for the remaining 60 percent of the population over the same period. Lesotho's gross domestic product (GDP) grew at an annual average rate of 4 percent between 2000 and 2016, whereas its GDP per capita grew at an average rate of 2.8 percent during the same period. Despite the high level of government spending, Lesotho faces challenges in addressing inclusive growth and providing access to quality services for the poor, while also operating in a highly fragile environment. After political turmoil, the new government with a fragile coalition of 7 parties was established in June 2017. The government is facing a significant challenge to improving access to and the quality of public services. It is also seeking to invigorate the domestic private sector to diversify the growth sources of its economy. The level of unemployment is very high, with a low employment-to working-age population ratio, which limits prospects for social mobility and poverty reduction.
Download or read book Kingdom of Lesotho Public Expenditure Review written by World Bank Group and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Public Expenditure Review (PER) was prepared in response to a request from the Ministry of Finance (MoF) and is designed to inform Lesotho's fiscal consolidation due to a narrowing of its fiscal space. Lesotho is facing a tough macro-fiscal outlook due to a sharp decline in Southern African Customs Union (SACU) revenues. This situation necessitates a significant adjustment in the current fiscal stance to ensure longer-term fiscal sustainability. However, the adjustment should be tailored to minimize any adverse growth and poverty impacts. Thus, this PER is intended to support the government's efforts to adjust its policies to better address Lesotho's current macro-fiscal circumstances. Lesotho is one of the poorest and most unequal countries in the world, despite a relatively good growth performance over the past 15 years. Lesotho's per capita gross national income is about 1550 US dollars. Lesotho's poverty rate is 59 percent (1.90 US dollars purchasing power parity [PPP] per day), its Gini coefficient is 0.541, and about 59 percent of the population now lives below the international poverty line of 1.90 dollar/day. Both poverty and extreme poverty disproportionately affect the rural population, and the bottom 40 percent of Lesotho's population experienced a decline in consumption each year between 2002 and 2011. This compares to increases, albeit meager, for the remaining 60 percent of the population over the same period. Lesotho's gross domestic product (GDP) grew at an annual average rate of 4 percent between 2000 and 2016, whereas its GDP per capita grew at an average rate of 2.8 percent during the same period. Despite the high level of government spending, Lesotho faces challenges in addressing inclusive growth and providing access to quality services for the poor, while also operating in a highly fragile environment. After political turmoil, the new government with a fragile coalition of 7 parties was established in June 2017. The government is facing a significant challenge to improving access to and the quality of public services. It is also seeking to invigorate the domestic private sector to diversify the growth sources of its economy. The level of unemployment is very high, with a low employment-to working-age population ratio, which limits prospects for social mobility and poverty reduction.
Download or read book Kingdom of Lesotho Education Public Expenditure Review written by World Bank Group and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Public Expenditure Review (PER) is the result of a collaboration among the World Bank Group, and Lesotho's Ministries of Education and Finance, and is designed to inform Lesotho's effort in expanding access to quality education services, while operating in a highly fiscally constraint environment. Although education spending is one of the highest in the world as a percentage of GDP (13.5 percent of GDP) and universal access to primary education enshrined in law, poor educational outcomes persist across the country. Lesotho is also not on track to achieve the two education-related MDGs, with both primary enrollment (82 percent) and primary completion (65 percent) rates lagging far behind the goal of 100 percent by the end 2015. The report is organized as follows. The first chapter offers a detailed assessment of the overall sectoral budgeting and expenditure patterns in the education sector over a five-year period, from fiscal years (FY) 2011-12 to 2015-16, using multiple data sources. The second chapter estimates the cost of expanding secondary education to achieve the government's goal of universal compulsory lower basic education by 2020 and makes recommendations on how to better utilize the funding for the sector taking into account the fiscal constraints at macro level.
Download or read book Kingdom of Lesotho Education Public Expenditure Review written by Weltbank and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Public Expenditure Review (PER) is the result of a collaboration among the World Bank Group, and Lesotho's Ministries of Education and Finance, and is designed to inform Lesotho's effort in expanding access to quality education services, while operating in a highly fiscally constraint environment. Although education spending is one of the highest in the world as a percentage of GDP (13.5 percent of GDP) and universal access to primary education enshrined in law, poor educational outcomes persist across the country. Lesotho is also not on track to achieve the two education-related MDGs, with both primary enrollment (82 percent) and primary completion (65 percent) rates lagging far behind the goal of 100 percent by the end 2015. The report is organized as follows. The first chapter offers a detailed assessment of the overall sectoral budgeting and expenditure patterns in the education sector over a five-year period, from fiscal years (FY) 2011-12 to 2015-16, using multiple data sources. The second chapter estimates the cost of expanding secondary education to achieve the government's goal of universal compulsory lower basic education by 2020 and makes recommendations on how to better utilize the funding for the sector taking into account the fiscal constraints at macro level.
Download or read book Kingdom of Lesotho Agriculture Public Expenditure Review written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Kingdom of Lesotho written by and published by . This book was released on 2007 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-09-20 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights the Kingdom of Lesotho’s Sixth Review Under the Three-Year Arrangement under the Extended Credit Facility. Lesotho has maintained robust economic growth, with moderate inflation. The IMF report shows that economic growth is expected to exceed 4 percent, supported by a recovery in agricultural production, enhanced construction, and mining sector expansion. The reconciliation of treasury accounts has been delayed, largely owing to insufficient collaboration between the treasury and budgetary agencies. To address the problem, the Ministry of Finance issued a circular in June 2013 to enforce reconciliation reporting by all such agencies.
Download or read book Kingdom of Lesotho written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2018-10-03 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report discusses the findings and recommendations made by the IMF mission regarding compilation of Government Finance Statistics (GFS) in Lesotho. The IMF mission reviewed current compilation methods of GFS for the budgetary central government and found that there were significant accuracy, classification, coverage, and comprehensiveness issues that undermine the credibility of fiscal statistics currently compiled and disseminated. Currently compiled and disseminated GFS include a large and persistent statistical discrepancy. The statistical discrepancy averaged to about a third of total revenue in preliminary data for FY2016/17 and FY2017/18. The mission also identified and discussed with the staff of the Ministry of Finance a number of reasons that may partly explain the discrepancy.
Download or read book Kingdom of Lesotho written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-04-27 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Poverty Reduction Strategy Paper for the Kingdom of Lesotho presents a determined plan in pursuance of high and sustainable equity-based economic growth. It contains medium-term objectives and strategies to address the major challenges facing the country. These challenges include employment creation and income generation, and improving quality of and access to education and health services. Lesotho plans to deal boldly with its trading and investment partners by exploiting the opportunities inherent in the process of globalization under such mechanisms as the Africa Growth and Opportunities Act.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-05-22 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Extended Credit Facility (ECF) program extended to Lesotho after a sharp fall in revenues remained broadly on track. Lesotho maintained positive growth supported by expansion of mining and construction. Fiscal consolidation efforts have helped to strengthen international reserves, despite weak diamond prices. Executive Directors welcomed the government’s continued efforts to improve the business climate and promote private sector development. They also suggested the need to maintain fiscal consolidation efforts, while safeguarding priority social and growth-promoting capital spending.
Download or read book Lesotho Managing Government Finances for Growth and Poverty Reduction written by Weltbank and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report on managing government finances for growth and poverty reduction in Lesotho is centered on three areas of analysis: (i) macroeconomic and fiscal performance and prospects; (ii) inter and intra-sectoral allocation of resources; and (iii) public expenditure and financial management. A Public Financial Management assessment report, prepared using the Public Expenditure and Financial Accountability (PEFA) framework is included as an Appendix to the main report. The study stress that despite the relatively good growth performance, Lesotho remains one of the poorest countries in the Southern Africa region. Because of this the Government now seeks to address in a more systematic manner the many challenges facing Lesotho including: 1) the slow pace of job creation in Lesotho, compounded by the continual decline in mining jobs for migrant workers in South Africa and a slowdown in GDP growth rate; 2) the increase in the incidence of poverty over the past twenty years; 3) a relatively large and inefficient public sector; 4) excessive reliance on revenues generated by the Southern Africa Customs Union ; and 5) the rapid spread of HIV/AIDS (current prevalence rate estimated at 24 percent), which, if unchecked, will negate all efforts to improve the economy and welfare of the Basotho people.
Download or read book Lesotho Managing Government Finances for Growth and Poverty Reduction written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comprehensive public expenditure review written by and published by . This book was released on 2018 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comprehensive Public Expenditure Review written by and published by . This book was released on 2013 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2018-02-28 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that high levels of unemployment, poverty, and inequality persist in Lesotho despite its faster growth compared with regional peers over the last decade. GDP growth is expected to be about 3 percent in FY2017/18, below the average of 4.1 percent for the past decade, and driven by mining and agriculture. Over the next three years, GDP growth is expected to be led by mining and construction related to the Lesotho Highlands Water Project Phase II. A steep decline in Southern African Customs Union transfers, a major source of government revenue, will result in a fiscal deficit that is likely to exceed 6 percent of GDP for the second year.
Download or read book Kingdom of Lesotho written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-07-20 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kingdom of Lesotho: Selected Issues
Download or read book Securing Development written by Bernard Harborne and published by World Bank Publications. This book was released on 2017-03-01 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securing Development: Public Finance and the Security Sector highlights the role of public finance in the delivery of security and criminal justice services. This book offers a framework for analyzing public financial management, financial transparency, and oversight, as well as expenditure policy issues that determine how to most appropriately manage security and justice services. The interplay among security, justice, and public finance is still a relatively unexplored area of development. Such a perspective can help security actors provide more professional, effective, and efficient security and justice services for citizens, while also strengthening systems for accountability. The book is the result of a project undertaken jointly by staff from the World Bank and the United Nations, integrating the disciplines where each institution holds a comparative advantage and a core mandate. The primary audience includes government officials bearing both security and financial responsibilities, staff of international organizations working on public expenditure management and security sector issues, academics, and development practitioners working in an advisory capacity.
