INTERNATIONAL

Financing for Sustainable Development Report 2020 – The financing landscape has changed dramatically since the adoption of the Addis Ababa Action Agenda. Digital technology has transformed key aspects of financial systems. There has also been rapidly growing interest in sustainable investing, in part due to greater awareness of the impact of climate and other non-economic risks on financial returns. Yet, just as we begin the decade of action, global challenges have multiplied. The economic and financial shocks associated with COVID-19—such as disruptions to industrial production, falling commodity prices, financial market volatility, and rising insecurity—are derailing the already tepid economic growth and compounding heightened risks from other factors. These include the retreat from multilateralism, a discontent and distrust of globalization, heightened risk of debt distress, and more frequent and severe climate shocks. Together, these make sustainable finance more difficult—and further undermine the ability to achieve the Sustainable Development Goals (SDGs) by 2030. Amid these destabilizing trends, the 2020 Financing for Sustainable Development Report of the Inter-Agency Task Force finds that the international economic and financial systems are not only failing to deliver on the SDGs, but that there has been substantial backsliding in key action areas. Governments, businesses and individuals must take action now to arrest these trends and change the trajectory.  (UN)

Key Words: SDR, UN, Global Economy

The Potential Impact of COVID-19 on GDP and Trade A Preliminary Assessment – As the coronavirus emerged in China and spread globally, authorities have acted to limit its spread. Experience with similar diseases reveals that while the human costs are significant, the bulk of the economic costs are due to the preventive behavior of individuals and the transmission control policies of governments (Brahmbhatt and Dutta, 2008). Current experience is no different.  As the virus spread internationally, many countries have already taken or will eventually take action to limit the spread, through social isolation policies, such as shutting educational institutions, limiting work and restricting the mobility of people.  The preventive actions have had an immediate and significant impact on all economies, and through trade and tourism, on partner economies.  Economic models can be used to model the consequences of pandemics (Burns et. al. (2006), Bloom et. al. (2005), Lee and McKibbin (2004), McKibbin et. al. (2006), Evans et. al. (2014)). Building on previous studies, this paper focuses on four channels—i) the direct impact of a reduction in employment; ii) the increase in costs of international transactions; iii) the sharp drop in travel; and iv) the decline in demand for services that require proximity between people.  We consider two scenarios: a global pandemic and an amplified global pandemic. In the case of the global pandemic, it is assumed that countries bear only one-half of the impact of the full China shock. In the case of the amplified global pandemic, the shocks are uniform across all countries. A baseline global pandemic scenario sees GDP of the world fall by 2 percent below the baseline, of developing countries by 2.5 percent, and of industrial countries by 1.8 percent. The declines are nearly twice as large in an amplified pandemic scenario in which containment is assumed to take longer.  It is still too early to make an assessment of the impact of the virus based on full statistical evidence. High frequency data are providing some indicators, but it is hard to assess the depth and the breadth of the pandemic as it spreads, and to precisely estimate how long it will take countries to return to normal activity levels. This paper seeks to illustrate the transmission channels and heterogenous impact of COVID19 on output and trade in different scenarios. (World Bank Group)

Key Words: COVID-19, GDP, Trade

G20 finance leaders to meet virtually and review pandemic fallout – G20 finance ministers and central bank governors will meet this week to discuss and take urgent joint actions needed to address the impact of the coronavirus pandemic on the global economy. The financial policymakers from the world’s 20 biggest economies will hold their virtual meeting on April 15 under the Saudi G20 Presidency, according to a statement from the secretariat. Traditionally, the April G20 finance ministers and central bankers’ meeting is held in Washington on the sidelines of the spring meetings of the International Monetary Fund and World Bank, which are also being held virtually this year as a result of the pandemic. The aim is to “safeguard the stability of the global economy and financial markets, restore confidence, and prevent deep and prolonged negative economic impacts", the G20 said in a statement. The G20 group is finalising a proposal for a six or nine month freeze on bilateral government loan repayments or until 2021, to give lower income countries buffering space and help mitigate the prospect of an emerging markets debt crisis, the Financial Times reported on Monday, citing a senior G20 official. The IMF and the World Bank have called for debt relief for 76 of the world’s poorest nations. Given the global circumstances and the urgency to take coordinated action, meetings are being held more frequently as G20 governments roll out measures to buttress their economies in the face of the pandemic which has brought the global economy to a halt. The meeting this week follows a video conference of finance ministers and central bank governors on March 24, which ended with an agreement to develop a G20 action plan in response to the coronavirus. Ministers agreed to closely monitor the pandemic, its effects on financial markets and act further to support the global economy. (The National)

Key Words: G20, COVID-19, World Economy

Financing the COVID-19 deficit when you are short of money: Beware of copy-cat policymaking – COVID-19 has started to take its toll and it is not yet clear how long   it is going to last or how it will end . The impacts of the virus on the lives of households, the economic growth, and the health sector are deemed significant, and an attempt to reverse these negative impacts requires substantial fiscal or monetary resources. The US which itself, to some extent, followed EU-originated initiatives (see Bénassy-Quéré et. al 2020 and Baldwin 2020 for some first and early support designs), has led and outpaced other countries, largely because of its superior position in the international financial system, by unveiling several large-size stimulus packages. The media is awash with the news of the big stimuli by the EU and US, and decisionmakers in many developing countries feel the pressure from an anxious public to follow suit and do the same. Looking at policy responses adopted by many developing countries to contain the impacts of the pandemic, one can see that there is a small-size copy-paste inclination . In some cases, it has even been observed that the ratio of European and American support packages to their GDP is used as an index to assess the quality or the amount of the stimulus plan in a developing or emerging economy. The problem is that this ‘ready-to-wear’ clothing does not fit everyone, and it can cause a lot of problems when worn on the wrong body. Countries may be pushed to the brink of debt, inflation or banking crises, among other problems. (Vox)

Key Words: COVID-19,

How to engage businesses in international development – When the World Trade Organisation’s (WTO) Trade Facilitation Agreement (TFA) negotiations concluded, WTO members and many businesses recognised that the TFA could only be fully implemented if the public and private sectors worked together. At the same time on the broader development stage, it is widely accepted that realising the UN Sustainable Development Goals depends on tapping into not just the finances but also the human resources, ideas and technologies of business. The need for businesses to play a hands-on role in tackling global issues seems more important than ever today as the world grapples with the global COVID-19 pandemic. Our first thoughts probably turn to manufacturers of medical supplies donating products or private healthcare companies offering resources to state health services. Yet, there are other examples of how all types of companies can contribute. For instance, IPSOS, a leading data intelligence firm, is working with the African Centre for Disease Control and the NGO Resolve to Save Lives to gather insights and develop guidance on COVID-19 preventative measures for countries in the African Union. And, three US tech firms are working with the UK’s National Health Service to explore how data could be used to predict where ventilators, hospital beds and medical staff will be most needed. How can we incentivise businesses to continue to get involved in international development? The Global Alliance for Trade Facilitation, an initiative working in the aid for trade sphere, has recently taken stock of how it is engaging with the private sector with the aim to improve the ease of trade in developing and least developed countries. The Alliance identified four key insights into what motivates businesses to get involved, and consequently how to position itself to unlock those resources – to the tune of over US$5 million so far.  (trade4devnews)

Key Words: Business, International Development, COVID-19

What we must do to prevent a global COVID-19 depression – Without a vaccine or effective COVID-19 treatment, we could face continued infections and death until at least the end of 2020. To prevent further spread of coronavirus, we must monitor what fraction of the population has been in contact with the virus and is potentially immune. To prevent an economic collapse, governments will need to take on large and unprecedented roles in securing business continuity and jobs. A few months in, it is still hard to grasp the scale and scope of COVID-19’s global impact. A third of the world population is under some sort of “lockdown.” Over 200 countries are affected, and the number of new cases and deaths in many places are still growing exponentially. All the while, a second crisis, in the form of an economic recession, is underway. We all want to leave this crisis behind as soon as possible. But as eager as we are to restart social and economic life, to do so, we must give prime focus on public health. That comes with an enormous cost, but it is better than the alternative. Government and business collaborating, based on the latest scientific evidence are our best chance at preventing a hopefully short-term recession from becoming a global depression. While governments and companies who have “bent the curve” can cautiously start initiatives to get parts of social and economic life going again, always monitored by public health officials, companies should leave their competitive interests temporarily behind, and work together to ensures that the most effective vaccine can be determined as fast as possible, and the necessary production can start on a large scale as fast as possible. It is the only true way out of this crisis. (WeForum)

Key Words: COVID-19, World Economy, Business

PAN AFRICA

Informal Cross Border Trade in Africa in a Time of Pandemic – Informal cross-border trade (ICBT) forms a significant part of intra Sub-Saharan African (SSA) trade. It contributes income, provides jobs and empowers women in some of the most fragile and impoverished communities on the continent. For this reason, any threat to ICBT in SSA is a threat to the most vulnerable and needs to be taken very seriously. Such a threat has now arisen in the form of the Covid-19 pandemic: a global economic retreat of nations and shutting of borders and social contact. The definition of ICBT is rather loose, due essentially to the nature of the practice itself. The definition is intended to capture trade that happens outside of the formal channels, which would be those of customs authorities. This could be trade in raw or processed goods, and entry, exit or both could be illegal. In other words, the goods could exit the source country legally and enter the target country illegally, or vice versa, or both border crossings could be illegal. There have been several attempts by researches to estimate the magnitude of ICBT flows. One study[1] estimated that ICBT amounted to 30-40% of total intra-regional trade in the SADC region and 40% in the COMESA region. The volume of ICBT flows vary by country. In Uganda, informal exports flowing to its five regional neighbours were estimated at 86% of its official exports to these countries in 2006[2]. There are however, countries where this proportion is markedly higher and exceeds 100 % of formal exports. In Rwanda, for example, the Ministry of Trade and Development estimated that informal exports to neighbouring countries were more than 50% higher than formal exports in 2011[3]. It has also been argued that ICBT is especially important to fragile and conflict-affected states (FCS)[4], for example the Central African Republic. This is as a result of the ability of ICBT to offer traders a market outside of the fractured and possibly failed domestic market. Those individuals and firms that make up the market for ICBT are divided into individuals, informal businesses and formal businesses. The most vulnerable are the individuals and informal businesses. (tralcBlog)

Key Words: Informal Cross Border Trade, Africa, COVID-19

China in the driver's seat amid calls for Africa debt relief – Unlike major Western countries that granted debt relief in the past, a large part of China’s debt to Africa carries commercial terms. And China itself is still an emerging economy with per capita income of $10,153 in 2019, below the average of $45,447 for the top seven major economies, according to data from the International Monetary Fund (IMF).  “China is still a rising power, and it is only a recent ... entrant as a major financial partner in Africa,” said Yunnan Chen of the Overseas Development Institute (ODI), a London think-tank.  “It also needs to make financial and economic returns on its investments. We are very unlikely to see direct loan forgiveness for a substantial bulk of loans.”  With its own economy expected to contract for the first time in three decades, China has signalled little appetite to go beyond its well-worn playbook of bilateral negotiations with debt-distressed partners.  “We can’t answer to every debt relief request without detailed analysis,” said He Haifeng, director of the Institute of Financial Policy at the Chinese Academy of Social Science, a government think tank.  “Some of the requests could cause moral hazard.” Wealthy governments watching their own economies lurch towards recession are unlikely to pour significant resources into debt relief if they think the money will indirectly support Chinese creditors, analysts say. With around 12,500 COVID-19 cases to date, Africa accounts for a small fraction of the more than 1.7 million infections globally. Nonetheless African countries have taken a disproportionate hit due to plummeting oil and commodity prices and weaker currencies, which ramp up external debt servicing costs. Their economies are expected to contract sharply this year and could lose 20 million jobs. As an immediate step, the IMF and World Bank are pushing for a payment moratorium on bilateral debt owed by the world’s poorest countries. (Reuters)

Key Words: China, Africa, COVID-19

COVID-19: arming Africa with a debt, aid and open digital delivery partnership –  It’s in everyone’s interests that Africa beats COVID-19 too, with a debt, aid and open digital delivery partnership. The world’s finance leaders gathering virtually for the IMF/WB spring meetings this week, already know that to fight COVID-19 and its consequences requires emergency measures. It is also vital they realise that these measures should extend to Africa and be delivered through radically innovative data and digital delivery partnerships to raise and target the funds to help beat coronavirus globally. We are ourselves a bit of a radical partnership: an anti-corruption, anti-poverty activist and a former Swiss banker and African minister are writing this together to help amplify calls from the African Union, the Economic Commission for Africa, private sector and civic leaders for three clear steps: dropping debt payments for two years; doubling concessional finance; and delivering openly and digitally. African nations were due to make $44bn of debt payments in 2020. None of that should leave the continent this year or next. The Paris club and commercial creditors must accept a total debt standstill.  Due to its reach in Africa, China is now a key creditor. Chinese authorities must agree, and indeed lead, by dropping these debt payments. These steps immediately deliver funds for finance ministries who for the most part are doing the best they can, but are scrambling with lower commodities prices, declining revenues, collapsing currencies and soaring domestic needs. (The Africa Report)

Key Words: COVID-19, Africa, ECA

African Development Bank Group approves $10 million equity in Razorite Healthcare Fund for Africa – The Board of Directors of the African Development Bank has approved a $10-million equity investment in Razorite Healthcare Africa Fund 1 (RHAF1) to help improve healthcare infrastructure delivery across the continent. The 10-year deal, approved on 26 February, will resource the Fund to address growing demands for affordable and quality healthcare services in several countries of Sub-Saharan Africa faced with lack of  access to low cost, first-class healthcare. RHAF1, to be registered in Mauritius, will provide growth capital to operating healthcare infrastructure facilities which show high potential for growth, as well as build new facilities, where identified as necessary.  To date, there have been over 9,000 cases of COVID-19 in Africa and over 500 deaths. The Bank on 8 April unveiled a COVID-19 Response Facility that will mobilise up to $10 billion to assist regional member countries in fighting the pandemic. The Facility will be the institution's primary channel for addressing the crisis. The advent of the Novel Coronavirus pandemic (COVID-19) has highlighted the need to boost Africa’s healthcare infrastructure system to curb  the spread of the pandemic and any future similar crises and build long term resilience. Healthcare-focused private equity funds in Africa with the capability to build equipment and an integrated eco-system across healthcare facilities and service providers are very limited. Target groups include low and middle-income class and vulnerable sectors. The Fund is expected to increase bed capacity in Africa by over 1,500 and create over 500 jobs over its life span. It will also support the development of local enterprises and private infrastructure in the healthcare infrastructure sector.  The Fund targets final capitalization of $100 million. The Bank expects its equity investment of $10 million to catalyze financing from other development finance institutions (DFIs) and commercial investors. As an advisory Board member, the Bank will ensure that the Fund and its portfolio of projects adhere to social, environmental and corporate governance best practices. (AfDB)

Key Words: COVID-19, Africa, Healthcare Fund

Africa Needs Debt Relief to Fight COVID-19 – After a slow start, COVID-19 has spread increasingly rapidly throughout Africa, with more than 7,000 confirmed cases and 294 deaths across 45 countries and two territories as of April 7. Unless the continent urgently receives more assistance, the virus will continue to cut a deadly and remorseless path across it, with ever grimmer health and economic consequences. As an essential first step, therefore, we call for immediate debt relief for African countries in order to create the fiscal space governments need to respond to the pandemic. After all, combating COVID-19 is more challenging in Africa than in other parts of the world. Access to quality health care across the continent remains limited, despite some countries’ recent progress. One-third of Africans cannot wash their hands regularly, because they lack access to clean water. Lack of refrigeration to store perishable foods or medicines makes it hard for most households to comply with stay-at-home orders. And many millions of workers’ livelihoods are in jeopardy because they have limited access to broadband connectivity, telework, or other opportunities to maintain basic incomes. Nonetheless, African governments are responding to COVID-19 with determination, including by instituting states of emergency, requiring physical distancing, imposing forced quarantines, and restricting travel and public gatherings. And private-sector firms, civil-society groups, and grass-roots movements are joining the fight any way they can. For its part, the African Union, to ensure synergy and minimize duplication, has adopted a joint continental strategy and established a task force to coordinate the efforts of member states and partners. The World Health Organization also is showing resolve to assist African governments.  (Project Syndicate)

Key Words: Africa, COVID-19, Debt Relief

NORTH AFRICA

Morocco leads the way in Africa as digital phytosanitary certificates go live - International agri-food trade with Morocco is set to become faster and more cost-effective for importers and exporters as the country introduces electronic phytosanitary certificates. The international electronic exchange of ‘e-phytos’ was launched on 26 March, making Morocco one of the first African countries to fully integrate and use ePhyto within their national trade system. This comes at a time when governments around the world are tackling the coronavirus crisis and looking for new ways of mitigating the effects on the economy. As countries go into lockdown, digitisating operations is becoming more important than ever in keeping goods moving. The first exchanges took place in March between Morocco’s Office National de Sécurité Sanitaire des produits Alimentaires (ONSSA) and the United States’ Department of Agriculture (USDA). Ephyto exchanges between Morocco and other countries in the ePhyto programme will become operational in the coming weeks and months. Under the new electronic system, certificates can be transferred immediately between all countries via the ‘e-phyto hub’, under the initiative led by the Commission on Phytosanitary Measures (CPM), the governing body of the International Plant Protection Convention. Compared to the purely paper-based system, the new e-phytos will reduce the risk of loss, damage or fraud, while helping to cut delays and costs for traders. For example, clearance at the port of destination, or certificate modifications often required after the shipment has left its port of origin, can be done instantly without having to wait for the paper certificate. It is also expected to reduce the administrative burden on border agencies and pave the way for Morocco to exchange other types of data with trading partners. The improvements are part of a trade facilitation project led by the Global Alliance for Trade Facilitation, a collaboration of international organisations, governments and businesses that aims to help developing and least developed countries implement the World Trade Organization’s Trade Facilitation Agreement (TFA). The Alliance is funded by the governments of the United States, Canada, United Kingdom, Australia, Germany and Denmark. The project was developed and delivered from the ground-up with representatives of business and government working together to identify bottlenecks at the border and put in place measures to address them. (Global Alliance for Trade Facilitation)

Key Words: Morocco, Africa, Digital Phytosanitary

EAST AFRICA

Two-month trade deficit narrows to Sh175 billion – Kenya’s trade deficit for the first two months of year narrowed by Sh17.16 billion to Sh175 billion from Sh192 billion reported over the similar period last year, data from the CBK shows. The nine percent reduction in the deficit, which is a measure of the difference between exports and imports, was as a result a growth in export receipts followed by a slowed down import bill. Total export receipts over the period grew by 10 percent to a new high of Sh114.2 billion from Sh104 billion in the first two months of 2019. Key export commodities including tea, horticulture and coffee reported mixed results, with tea earnings growing by Sh3.48 billion to Sh25 billion and coffee receipts recording a Sh0.2 billion jump to Sh3.67 billion. Horticulture earnings fell by Sh4.4 billion to Sh15.38 billion, which is the lowest since 2016. The falling horticulture revenue has been widely blamed on the Covid-19 pandemic that has affected European markets. “Flowers have been negatively impacted with nearly all of the orders that had been placed having been cancelled so far,” said Benjamin Tito, the head of horticulture directorate. Uganda remained the largest destination of Kenyan goods, spending Sh11.98 billion on Kenyan imports up from Sh10.7 billion in the first two months of last year, followed by The Netherlands at Sh9.13 billion and the UK at Sh9 billion. The import bill fell by Sh7.1 billion to close the two-month period at Sh289.2 billion, compared to Sh296.3 billion in a similar period last year, with the biggest spenders of Kenyan forex by larger economic classification all reporting declines. Fuels and lubricants expenditure dropped by Sh4 billion to Sh48 billion as oil prices fell, manufactured goods dropped by Sh5 billion to Sh44.8 billion.  (Business Daily)

Key Words: Kenya, Coffee sector, Trade

Impact Assessment of Covid-19 The Case of Eastern Africa – Eastern Africa one of the fastest growing regions in the world. Despite high levels of growth, Severe economic vulnerabilities still remain in Eastern Africa as a whole. This regional growth likely to be very negatively impacted by Coronavirus. Measures to prevent spread of disease will slow down economic activity and hit severely the Service sector, across the board. Commodity Price shock will hit hard the net commodity exporters in the region –but will be more ambiguous on other countries. Disruption to trade likely to be severe–but will require creative responses by regional governments to scarcities in some sectors.  Over the mid-to long-term, disruption in supply chains (particularly with China) could lead to filling the gap by regional producers–need to implement the AfCFTA!  (UNECA)

Key Words: ECA, COVID-19, Eastern Africa

WEST AFRICA

The ECA and the ECOWAS join forces to strengthen the Commission's leadership and management capacities for development – The United Nations Economic Commission for Africa (ECA), through its Sub-Regional Office for West Africa, and the Commission of the Economic Community of West African States (ECOWAS) are paving the way for close collaboration to strengthen the ECOWAS Commission's leadership and management capacities for development. Through a technical Memorandum of Understanding that was renewed in June 2017, the two institutions have made a formal commitment to pool their efforts to strengthen the process of sub-regional integration in general, and the implementation of the ECOWAS Vision 2020 in particular. This Memorandum aimed to define a general framework for cooperation in order to allow the ECOWAS and the ECA to engage in mutually beneficial activities, such as information sharing, consultations and knowledge sharing. This Memorandum also provides for coordination and collaboration on projects, studies and research in areas of common interest to the two institutions and for the improvement of the living conditions of the peoples of the Community. In accordance with the Memorandum of Understanding, cooperation between the two institutions focuses mainly on the ECOWAS strategic pillars and objectives presented in Vision 2020, the implementation of which has been undertaken mainly through the 2011-2015 Regional Strategic Plan and the 2016-2020 Community Development Programme. Priority areas for intervention, such as strengthening the institutional capacities of the ECOWAS Commission, monitoring economic and monetary integration in West Africa, supporting the ECOWAS Commission to establish consensus and develop advocacy on policies for regional integration, are targeted in particular. It is within the framework of this Memorandum of Understanding that the ECOWAS Commission requested and obtained the support of the ECA for the capacity strengthening of its Strategic Planning Directorate, for the final, independent evaluation of its Vision 2020 that is coming to an end, and for the development of its new Vision 2050 and its first medium-term strategic framework for the implementation and development of a macro-economic model for the sub-region.  (UNECA)

Key Words: ECA, ECOWAS, Regional Integration

How NPA Is Minimizing Impact of Covid-19 on Nigerian Economy - While the world was struggling to contain the spread of the virus and consequently shutting down ports, Nigeria took the bold decision to keep its seaports open for business. The government knew the importance of seaports to its economy as an import-dependent country. However, opening the ports posed a huge threat. As a way out, the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, came up with what has now been described by experts as a brilliant idea in the fight against Covid-19. On March 9, 2020, at a sensitization programme for terminal operators, shipping companies and dockworkers at the Lagos ports complex in Apapa, Bala-Usman announced that the NPA had found a solution that will keep the port safe and running. She revealed that in the wake of the pandemic, the NPA placed vessels coming into the country from Asia on red alert, due to the high rate of infection from the region. As a further measure, she said the NPA agreed with shipping companies to divert vessels whose crew members are showing symptoms of the virus from Mauritius. Similarly, personnel from the Port Health were on the ground to avoid the spread of the virus through the ports and the NPA boss rallied for the support of all stakeholders to forestall the spread of the virus at the nation’s seaport. According to her, the authority has commenced a plan to set up isolation centres at the ports to curb the spread of the coronavirus from the seaport. “We are aware that the virus is spreading round the world in a very rapid form and of course there is need for us to curtail it, and we have been informed that there is no cure to this disease and the best thing for us to do is to have a precautionary preventive measure for us to ensure that it does not spread, so on the basis of this we have to call the terminal operators and of course the stakeholders for us to rub minds together and see how best we can do to curtail this menace. “Of course, we have done a lot of things on the part of NPA to ensure we prevent the spread of this disease, as we know the port is one of the entry points into the country, that is why we deem it fit for us to discuss what we have done and of course what is expected of the terminal operators for them to be able to curtail this menace.

Key Words: Nigerian Economy, COVID-19, NPA

SOUTH AFRICA

Lesotho - Country Strategy Paper 2020-2024 – The Country Strategy Paper (CSP) 2020-2024 provides a framework for Bank assistance to the Kingdom of Lesotho (KoL). It is anchored on the country’s second National Strategic Development Plan (NSDP II) 2018/19-2022/23. The NSDP II pillars include i) Promoting Inclusive and Sustainable Economic Growth and Private Sector–led Job Creation; ii) Strengthening Human Capital (through developing human capabilities in Health, Education, Nutrition and Social Protection); iii) Building Enabling Infrastructure; and iv) Strengthening National Governance and Accountability Systems. The theme of NSDP II is Employment and Inclusive Growth: In Pursuit of Economic and Institutional Transformation for Private Sector-led Jobs and Inclusive Growth. The CSP is consistent with the objectives of the Bank’s Ten-Year Strategy (TYS) 2013-2022 and the Bank’s High 5s (Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa and Improve the Quality of Life of the People of Africa). The CSP will support the KoL in its quest for private sectordriven broad based and inclusive growth as articulated in NSDP II. (AfDB)

Key Words: IMF, Lesotho, Country Strategy Paper