MASERU- Lesotho has shown significant improvement on the ‘Ease of getting credit’ from 152 out of 190 economies in 2016 compared to 82 in 2017, this according to the Private Sector Competitiveness latest ratings.
Presenting the latest figures during the World Bank celebration of Africa Knowledge Festival in Maseru, Private Sector Competitiveness Enhancement Project Manager Chaba Mokuku said the Lesotho had improved significantly as a result of World Bank support.
Mokuku said the Private Sector Competitiveness was launched in 2007 to support the government of Lesotho to improve the competitiveness of private sector in order to reduce poverty and create employment.
He said the project was intended to create an enabling environment for private sector investment and help Lesotho diversify its economy which came as a result that Lesotho is heavily reliant on a single sector for employment the government and textile sector.
Every year since 2004 the World Bank undertakes a survey administering questioners to public and private sector and determine the ease of doing business in 190 countries.
“The 2016 rankings on the ease of doing business Lesotho ranked 112 out of 190 countries and in 2017 we improved significantly to 100 due to the improvement in getting credit,” he said.
He further said the rankings are done using 10 indicators among others the ease of starting a business, the ease of registering a business and also the ease of closing a business and the ease of trading across borders and getting credit.
When it comes to trading across borders Lesotho is in the top 50 economies at position 39 out of 190. We can do well all in this indicators if we show commitment. We need to work hard to attract investors.
World Bank Africa Knowledge Fest aims to explore most recent, relevant knowledge products of World Bank and celebrate some of the most dynamic thinkers on Africa’s development today.
“In a world of changing climate and evolving priorities and knowledge being at the core of the World Bank strategy in Africa unleashing transformational change across Africa starts with reliable data and evidence-based knowledge that can inform and empower policy makers, civil society and the private sector,” he said.