Only low-income countries that respect human rights, are democratic and relatively well governed on the basis of criteria of independent assessments are eligible for funding from the Millennium Challenge Account.

Speaking yesterday at the World Economic Forum's Africa Economic Summit in Cape Town, Lesotho's Prime Minister Pakalitha Mosisili said the funding would help boost the country's reform agenda to become more business friendly.

Most of the funding would be used to develop plans to reform the investment climate in the country through improvements in the administration of property rights, commercial law, and the national payments system.

Lesotho Finance Minister Timothy Thahane said the worst of the country's job losses, estimated at 10 000 in the textile sector alone, was probably over now and that the weakening of the rand against the dollar would help secure the future of Lesotho's textile industry.

03 June 2005