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The IMF has approved US$49.1 million (M814million) emergency support under the Rapid Credit Facility and the Rapid Financing Instrument to help Lesotho meet urgent balance of payments needs stemming from the COVID-19 pandemic.
The economic consequences of the COVID-19 pandemic in Lesotho have been severe, with a weak global and regional environment reducing exports and remittances.
While the authorities’ immediate priority is to respond to the pandemic through emergency health and economic mitigation measures, fiscal consolidation and structural reforms will be required to restore external balance, preserve debt sustainability, and stimulate inclusive growth over the medium-term.
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