AfDB and Lesotho Sign Two Agreements on Poverty Reduction Support programme

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The Bank Group and Lesotho, on 18 February 2010, in Tunis signed a protocol agreement on the Lesotho Poverty Reduction Support programme. The programme aims at promoting transparency and accountability in management and the prudent use of public resources. It focuses on budget processes, public procurement, auditing and accounting. The fiscal policy stance aims at protecting the poorest and increasing overall revenues.

Estimated at Units of Accounts 6.38 million, equivalent to USD 10 million, the operation is seen as an integral part of a programme jointly supported by four other donors - the World Bank, the European Union, DFID and Irish Aid.  “Relations between Lesotho and the Bank Group have always been outstanding, and the current signing ceremony once again demonstrates our sound cooperation and mutual wishes to work hand-in- hands with a view to supporting your country,” Operations Vice President, Kamel Elkeshen, said during the signing ceremony.

The Lesotho Finance Minister and Bank Group Governor, Timothy Thahane, for his part, expressed his country’s gratitude for Bank support. “The programme will promote good economic and financial governance systems and institutions in my country,” he underscored. Since the AfDB started its operations in Lesotho, more than 35 years ago, almost USD 400 million has been approved and provided to the kingdom, to mainly develop infrastructure and the social sector. “The current programme will help the country achieve even better performance in the area of public financial management,” Vice President Elkeshen further said.

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