Benin I S economic development ob jectives comprise the following four major priorities:
C. Highlights of policy reforms in support of the national recovery programme 0986-1990 )
24. LESOTHO A. Overall economic performance since 1980
Lesotho is a small land-locked country stretching over an area of 30,355 km2 with a population of 1.5 million in 1984. The gross domestic product was
$353.2 million in 1983 while GDP per capita was only $245. During the period 1980-1984, GDP at constant prices declined at an average annual rate of 1. 2 per cent. ODA increased steadily from $90.3 million in 1980 to $101.3 million in 1983. Non-ODA resources grew only marginally, from $0.7 million in 1980 to $1.5 million in 1983. The total external debt stood at $140 million, of which about $107 million was concessional. Debt-service obligations as a percentage of exports of good s and services amounted to about 29.9 per cent in 1983. Net resource flows declined from $37.8 million in 1980 to $102.0 million in 1984.
Lesotho, being completely surrounded by South Africa, suffers the most from the political and economic destabilization policy of South Africa. I t depends almost entirely on South Africa for access routes to the rest of the world. The economy is fully intertwined with that of South Africa (trade, customs union and monetary union) and has been subjected to economic and trade blockades and embargoes by South Africa.
B. Main areas of focus of the national recovery programme (1986-1990)
The recovery programme period which coincides with the country's Fifth Deve lopment Plan period during which priority wi 11 be given to agriculture and rural development along with activities in support of agriculture, particularly industry, water resources development, energy, transport and communications as well as human resources development. Qualitative and quantitative improvement of the social sectors such as education and health will also be given attention.
C. Highlights of policy reforms in support of the national recovery programme (1986-1990 )
The planning machinery is to be strengthened with a view to enhancing economic management capability. The incentive package for the productive sector
\-Jill be re-examined and appropriately revised with a view to making them more responsive to growth demands of the economy. Public institutions including government ministries, parastatals, marketing and financial institutions are to be reappraised and rationalized. A calculated and deliberate preference for labour-intensive investments will be cultivated. A coherent and more systematic utilization of human resources will be put into place. Participation of whole population in the development effort will be increased through, inter aLia , more focused co-operative movement and establishing institutions dealing with participation of the people in the development process at village, ward and district levels.
(1986-1990 )
D. Estimates of resource requ1'rements_ for the nat1'onal recovery pronraF> mme
Millions of US dollars (i) Resources already mobilized
Domestically Externally
Subtotal
(ii) Resources planned to be mobilized Domestically
Externally Subtotal
(iii) Estimates of likely available resources (iv) Total estimated cost of programme
(v) Resource gap
26.7 31.7
58.4 58.4 119.6 61. 2
E. Estimates of debt-servicing requirements (1986-1990) (in millions of US dollars)
Type of debt
Interest Principal
Total
Official creditors 16.1 30.0 46.1
25. LIBERIA
Private creditors 0.6 3.3 3.9
Total 16.7 33.3 50.0
A. Overall economic performance since 1980
The Liberian economy experienced a major setback during the period 1980-1985. The decline in total export earnings was followed by a fall in government revenues, budget deficits that were financed largely by external resources,
and a mor-n t Lng debt burden. During 1980-1984, the GDP, at constant prices,
fell by 3.6 per cent per annum on average, while per capita GDP declined at an average annual rate of 5.7 per cent during the same period. External public debt amounted to $997.4 million in 1984 and the debt service accounted for 25.6 per cent of exports in that year. Net resource flows decreased from $178.9
million in 1980 to $168.0 million in 1984. The poor economic performance and severe recession led to the closure of the refinery, accumulation of payments arrears for civil service personnel and the inability to meet the performance criteria attached to the IMF stand-by arrangements that were consequently revoked.
These economic woes resulted from various factors, including low prices for Liberian major exports, problems of economic management, acute resources constraints, lack of adequate incentives and the massive capital flight in the aftermath of the political upheaval and civil strife that followed it.
B. Main areas of focus of the national recovery programme (1986-1990)
The national economic recovery programme lays special emphasis on increased food production through improved agricultural management, incentives and extension services. Public investment policies are geared to investments with very high economic returns and short gestation periods, and those with very low requirements of local counterpart funds .
. c.
Highlights of policy reforms in support of the national recovery progrannne (1986-1990 )The following major policy reforms have been undertaken:
( a) forestry
Price incentives to products, and rice;
farmers for production of rubber, oil palm and the public sector: financial restructuring and of all public enterprises, and their selective of the Bureau of State Enterprises to oversee public (b) Policy reforms in
employment; rationalization privatization; establishment enterprises; and
(c) Policy reforms in the private sector: joint ventures and management arrangements with the pri"vate sector; phasing out of quantitative restrictic.us on 36 domestically produced industrial commodities; and improvements in the tariff structure.
D. Estimates of resource requirements for the national recovery programme (1986-1990)
Millions of US dollars (i) Resources already mobilized
Domestically Externally
Subtotal
(ii) Resources planned to be mobilized Domestically
Estimates of likely available resources Total estimated cost of the programme Resource gap
E. Estimates of debt-servicing requirements (1986-1990) (in millions of US dollars)
Type of debt
Official creditors Private creditors Total
Interest 133.3 30.7 164.0
Principal 229.9 143.2 373.1
Total 353.2 173.9 537.1
26. LIBYAN ARAB JAMAHIRIYA