Finance minister, Moeketsi Majoro, has underscored the need for Lesotho to implement the multi-sector reforms recommended by the Southern African Development Community (SADC) to create stability which is necessary for economic growth.
Dr Majoro said this in his budget speech in parliament yesterday in Maseru.
He said that while he had proposed various measures to stimulate economic growth, these would only succeed in an environment where the government and all the stakeholders vigorously worked for the implementation of multi-sector reforms as recommended by the Southern African Development Community (SADC).
The reforms are aimed at creating lasting peace and stability in the country without which economic growth cannot be achieved.
“Peace and stability is desired by all Basotho. The political instability and insecurity we have experienced in recent years…was made possible by the loopholes in our constitutional and political framework.
“Our government is therefore committed to inclusive reforms in which all groups of society should feel free to participate. The recent dialogue by political dialogue facilitated by the Christian Council of Lesotho and witnessed by civil society is testimony to the commitment and openness to broad participation,” Dr Majoro said.
Dr Majoro’s remarks on the reforms echoed similar views by an International Monetary Fund (IMF) delegation that was recently in the country for discussions on the prevailing economic situation.
The IMF recommended tough fiscal measures to mitigate the impact on the economy and chief among these is the need for government to reducing the high public wage bill, undertake public financial management reform as well as implement the multi-sector reforms that were recommended by the Southern African Development Community (SADC).
It said the multi-sector reforms were necessary to achieve macroeconomic stability in the country.
SADC recommended the multi-sectoral reforms in 2016 as part of measures to bring lasting peace and stability to the Mountain Kingdom.
The regional body’s recommendations were made in the aftermath of the Justice Mpaphi Phumaphi-led SADC Commission of Inquiry that was mandated with establishing the circumstances surrounding the fatal shooting of former army commander, Maaparankoe Mahao, by his army colleagues in 2015.