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World Bank, Washington, DC
Africa | Lesotho
2018-04-30T14:37:26Z | 2018-04-30T14:37:26Z | 2016-06-30

The objectives of this note are identifying the fiscal implications and the shortcomings of the corporate governance of the SOE sector through an initial stock taking of the sector. This policy note first presents a description of the SOE sector in Lesotho, analyzing its scope, size, performance and major problems. For the purposes of this Policy Note, the term SOE refers to all legal entities which undertake commercial activities on Government’s behalf, although in reality some SOEs have both commercial and social objectives. The coverage of this study is limited to commercial, revenue generating enterprises where Government has a significant control through full or partial ownership. It does not include non-revenue generating statutory or regulatory bodies which depend entirely on transfers from Government. The policy note then focuses on the financial relations between the state and the SOE sector, examining the sector's impact on government finances. This is followed by a section on the governance framework for the sector, which identifies strengths and weaknesses and opportunities for improvement, this is important to identify opportunities for government to strengthen its management of SOEs, increase the transparency of the sector and, eventually, improve their performance. The final section makes policy recommendations based on the research findings and conclusions and on international best practices. A section at the end of the Executive Summary proposes an action plan and timetable for an SOE program.


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