World Bank to help Lesotho improve public financial management
The World Bank's Board of Directors has approved a US$ 5.5 million credit deal to finance the improvement of Lesotho's public financial management system.The World Bank's Board of Directors has approved a US$ 5.5 million credit deal to finance the improvement of Lesotho's public financial management system.
Asad Alam, World Bank Country Director for Lesotho, explained that "this project is an important part of the World Bank's strategy to help Lesotho in its efforts to improve its capacity to utilise public resources more effectively" and that "it will support the implementation of the country's National Strategic Development Plan with its focus on reducing poverty and job creation".
The financial management information system should be redesigned, he said, to improve the quality and timeliness of public financial management information. Mr Alam also stated that the new system should simplify business processes and help public servants in various departments, build capacity.
This is a 30 year interest free loan
provided through the World Bank's International Development Association (IDA), which funds programs that boost economic growth, reduce poverty, and improve the standard of living of people in the poorest countries. The IDA issues around US$15 billion loans annually, 50 per cent of which finance African countries.