September 2, 2015 / 2:32 PM / in 5 years

IMF urges Lesotho to cut expenditure as customs revenue falls

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon

MASERU (Reuters) - Lesotho’s economic growth will likely slow to around 2.5 percent 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 that Lesotho’s government would have to reduce expenditure to account for the expected shortfall.

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