Structural adjustment program in Lesotho

The first phase of Lesotho's structural adjustment programme (SAP) ran from April 1988 to March 1991. The objective of the programme was to correct both budget and balance of payments deficits and to promote private initiative, production and exports. This paper evaluates Lesotho's SAP over the period 1988-1991, focusing on industrial development. Data are drawn from the country's fourth Five-Year Development Plan 1986/87-1990/91. Attention is paid to Lesotho's industrial structure, the country's budget outlook, revenue increasing and expenditure reducing measures taken within the framework of the SAP, manufacturing strategies and SACU (Southern African Customs Union) agreement, exchange rates, and future prospects. (Documentatieblad/ASC Leiden)