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IMF urges Lesotho to cut expenditure

As customs revenue falls.

MASERU – Lesotho’s economic growth will likely slow to around 2.5% this year due to falling revenues from the regional customs union that accounts for most of its revenue, the International Monetary Fund (IMF) said on Wednesday.

“Southern African Customs Union revenues, which are highly volatile, have begun to slip and are expected to fall sharply in the next fiscal year,” the IMF said in a statement, warning thatLesotho’s government would have to reduce expenditure to account for the expected shortfall.

 

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