The World Bank has endorsed a new country assistance strategy for Lesotho to support the country’s efforts to adjust to pressures brought about by the global financial crisis, boost competitiveness, improve public sector efficiency, combat HIV/AIDS, and strengthen service delivery.
In the new strategy, the World Bank has committed USD55 million in fiscal 2009 and 2010. The scheme also covers the full three years of the International Development Association’s next replenishment cycle (IDA 16) with the amount projected to be at USD110 million for the 2011-2014 period.
“This new strategy builds on a solid partnership between Lesotho and the World Bank. It recognizes that Lesotho is facing significant challenges due to the global financial crisis and a shrinking revenue base, and it aims to help Lesotho sustain the economic growth momentum and improve human development indicators,” said Ruth Kagia, World Bank country director for Lesotho, in a press release.
The new CAS was developed through a consultative process that involved the government of Lesotho and private sector, civil society, and development partners.