Development finance assessment report launched
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By Mamokete Makōkō
Development Planning Minister Selibe Mochoboroane has launched the Development Finance Assessment (DFA) report aimed at accelerating Lesotho’s drive towards achieving the Sustainable Development Goals (SDGs).
The DFA is a product of the joint program on economic and financial management integration for sustainable development and is intended to promote integrated planning and financing for sustainable development to accelerate the achievement of sustainable development goals.
Mochoboroane said the program aims to support the government in the establishment of a functional public financial management ecosystem, which will be instrumental in the attainment of the sustainable development goal and the national development priorities.
“I am happy to say that the Integrated National Financing Framework (INFF) process has provided the government a broad picture of the development finance landscape”, said Mochoboroane.
He further said Lesotho has been faced with a lack of cohesion between national plans and the budgeting process and that the INFF process has identified shortcomings and opportunities to inform the country on how to enhance existing development, policies, institutional structures, finance initiatives, and strategies for delivery of long-term results
He added that integrated financing will render good governance, accountable institutions, and economic growth amongst others, and set an environment that accommodates broader participation of the citizens in driving economic growth and boost entrepreneurship and small business development.
He said this therefore will foster the accelerated implementation of the national developmental agenda as well as of the SDGs.
UNDP Resident Representative Betty Wabunoha congratulated Lesotho on the decision to pilot the integrated national financing frameworks as part of the ongoing initiatives for strengthening public financial architecture.
She further said the INFF aims to achieve linkage between financing decisions and the national development priorities.
“It is through this linkage that countries are able to maintain development momentum to guarantee sustainable development outcomes and transformation.
“The Lesotho DFA process, traced development financing capacities, looked at the institutional and policy frameworks for planning, execution, and accountability, and the report has provided recommendations and possible options to address the limited development finance resources in the country,” said Wabunoha.
She concluded that by determining the cost for achieving the agenda 2030 and long-term development targets, through the SDGs financing strategy, Lesotho will position itself to match the financing sources to the development needs, and thus the development outcomes.
The SDG financing and South-South Cooperation Advisor at UNDP who connected virtually said there is often a gap between sustainable development aspirations and the policies used to mobilize the necessary investments in that many plans are not costed; many do not have a strategy detailing how they will be financed.
But he said where there is a financing strategy, it often only considers public finance that the INFF added value.
“That is why INFF’s added value is to help countries to strengthen their planning processes and overcome existing impediments to financing national priorities and the SDGs through financing strategies at three levels which are; strategic, policy change, and financing outcomes levels,” said the Advisor.
Mochoboroane expressed his sincere gratitude to their Development Partners for the genuine support and partnership they have always rendered to Lesotho and said it is with “great pleasure he declares the Lesotho Development Finance Assessment Report officially launched”.