Lesotho: public finances

How much debt does Lesotho have?

Lesotho's general government gross debt was 49.4% of GDP in 2025, according to the IMF's World Economic Outlook database, down from 64.6% in 2022. The IMF projects 47.5% for 2026.

The Ministry of Finance and Development Planning publishes quarterly Public Debt Transparency Reports on its debt and aid management page; the latest, for the first quarter of 2026/27, was posted on 3 September 2026. The reports open through a script on that page and could not be read for this answer. Lesotho's fiscal year runs from April to March, while the IMF figures are for calendar years.

Official sources: IMF: General government gross debt, Lesotho · Ministry of Finance: Debt and aid management documents

Does Lesotho have a budget surplus or deficit?

Lesotho's general government ran a surplus of 4.9% of GDP in 2025, according to the IMF's World Economic Outlook database, after surpluses of 7.4% in 2023 and 8.3% in 2024. The IMF projects a smaller surplus of 1.4% for 2026. In 2022 there was a deficit of 4.1%.

The figure is net lending or borrowing: revenue minus spending. The IMF figures are estimates and projections that are revised with each edition of the database. The Central Bank of Lesotho's September 2026 statement lists higher government spending among the risks to its reserves outlook.

Official sources: IMF: General government net lending/borrowing, Lesotho · Central Bank of Lesotho: MPC statement, 24 September 2026 (PDF)

What is Lesotho's government debt?

49.4% of GDP: that is general government gross debt in Lesotho for 2025, according to the IMF. Since 2005 it has ranged from 33.8% of GDP (2010) to 64.6% of GDP (2022). Sub-Saharan Africa median: 53.0% of GDP; Lesotho is 28th highest of 46. Of 185 countries with 2025 data, 106th highest.

Does Lesotho's government borrow more than it raises?

In 2025, general government net lending or borrowing in Lesotho was 4.9% of GDP, according to the IMF. Since 2005 it has ranged from -9.8% of GDP (2011) to 11.6% of GDP (2006). It is 1st highest of 47 in Sub-Saharan Africa, where the median is -3.0% of GDP. Worldwide: 5th of 188.

How much revenue does Lesotho's government raise?

According to the IMF, general government revenue in Lesotho was 54.7% of GDP in 2025. Its high point since 2005 was 2012, at 62.7% of GDP; its low point was 2005, at 42.1% of GDP. It is 1st highest of 47 in Sub-Saharan Africa, where the median is 18.4% of GDP. Of 187 countries with 2025 data, 11th highest.

How big is Lesotho's government spending as a share of GDP?

The IMF puts general government spending in Lesotho at 49.8% of GDP in 2025. Its high point since 2005 was 2009, at 66.4% of GDP; its low point was 2005, at 37.6% of GDP. Sub-Saharan Africa median: 20.8% of GDP; Lesotho is 1st highest of 46. World rank, highest first: 19th of 186.

How much tax does Lesotho collect?

The latest figure from the IMF, for 2024, is 35.4% of GDP. The peak was 40.0% of GDP in 2023 and the low 28.6% of GDP in 2005. It is 1st highest of 16 in Sub-Saharan Africa, where the median is 14.1% of GDP. World rank, highest first: 1st of 92.

What is Lesotho's defence spending?

In 2025, military spending in Lesotho was 1.6% of GDP, according to SIPRI. Since 2005 it has ranged from 1.5% of GDP (2022) to 3.2% of GDP (2010). Across Sub-Saharan Africa the middle value was 1.3% of GDP, and Lesotho placed 16th highest of 44. World rank, highest first: 75th of 149.