{"id":5338,"date":"2021-11-01T12:23:48","date_gmt":"2021-11-01T12:23:48","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro"},"modified":"2021-11-01T12:23:48","modified_gmt":"2021-11-01T12:23:48","slug":"lesotho-in-tough-fiscal-position-majoro","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro","title":{"rendered":"Lesotho in tough fiscal position \u2013 Majoro"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Lesotho. <\/strong><\/span>The Minister of Finance Dr. Moeketsi Majoro says 2018\/19 national budget was prepared amidst the tough fiscal position confronting the country as a result of the decrease of Southern African Customs Union (SACU) revenue both in nominal and real terms among other factors.<\/p>\n<p>He said this when presenting the 2018\/19 budget speech to the Parliament of Lesotho on Wednesday. Majoro said Lesotho\u2019s overall fiscal position remained weak for most of 2017\/18, with sporadic spikes of shortages in cash and foreign reserves.<\/p>\n<p>\u201cGovernment revenue is projected to be M845.7 million below budget by the end of this fiscal year. SACU revenue recovered in part while expenditure maintained its steady path upward trajectory,\u201d Majoro said.<\/p>\n<p>He further cited that the fiscal deficit is estimated at 5.7 percent of GDP, up from budgeted 4.8 percent. The resulting deficit he said is being financed through domestic borrowing and drawn of deposits.<\/p>\n<p>On the other hand, he said the Lesotho Revenue Authority is likely to miss its tax collection target by about M684.4 million. He said expenditure has kept close on target despite the shortfall in resources \u201cand as a result the financing of deficit has put considerable pressure on our foreign currency reserves.<\/p>\n<p>\u201d He said Net International Reserves are below the target they (government) set for themselves to maintain parity with Rand. While government deposits have finally run out, he said the government will now have to be financed through new borrowing. \u201cThese are new times.<\/p>\n<p>Our government has to bite the bullet and make decisions that would be painful, but which if not taken would impose political and economic chaos in Lesotho,\u201d he said.<\/p>\n<p>However, he said these challenges withstanding, the government is committed to create jobs in the private sector through a judicious mix of macroeconomic and structural policies.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/lesotho\">Lesotho<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Lesotho. The Minister of Finance Dr. Moeketsi Majoro says 2018\/19 national budget was prepared amidst the tough fiscal position confronting the country as a result of the decrease of Southern African Customs Union (SACU) revenue both in nominal and real terms among other factors. He said this when presenting the 2018\/19 budget speech [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":5337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,246,245,932],"class_list":["post-5338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-lesotho","tag-lesotho","tag-position"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lesotho in tough fiscal position \u2013 Majoro - Lesotho<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lesotho in tough fiscal position \u2013 Majoro\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Lesotho. The Minister of Finance Dr. Moeketsi Majoro says 2018\/19 national budget was prepared amidst the tough fiscal position confronting the country as a result of the decrease of Southern African Customs Union (SACU) revenue both in nominal and real terms among other factors. He said this when presenting the 2018\/19 budget speech [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-01T12:23:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2021\/11\/img-617fe358a63a5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Lesotho in tough fiscal position \u2013 Majoro\",\"datePublished\":\"2021-11-01T12:23:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2021\/11\/img-617fe358a63a5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\",\"position\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/lesotho-in-tough-fiscal-position-majoro\",\"name\":\"Lesotho in tough fiscal position \u2013 Majoro - 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