LADIES AND GENTLEMEN

I WELCOME YOU ALL TO THIS DISSEMINATION WORKSHOP ON PRIVATE CAPITAL FLOWS 2006 REPORT. YOUR RESPONSE TO OUR INVITATION REFLECTS YOUR WILLINGNESS TO PARTNER WITH US IN CREATING A WELL RUN ECONOMY FOR ALL. I WISH TO THANK YOU.  

YOU WILL RECALL THAT WE UNDERTOOK THE FIRST SURVEY ON CAPITAL FLOWS IN SEPTEMBER 2006 IN PARTNERSHIP WITH THE BUREAU OF STATISTICS AND LNDC.  WE EXPLAINED THAT THE DATA COLLECTED IS INTENDED TO STRENGTHEN OUR BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITIONS STATISTICS.  THE STATISTICS WILL BE USED TO UNDERSTAND LESOTHO’S RELATIONSHIP WITH THE REST OF THE WORLD AND TO IMPROVE ON MACROECONOMIC POLICY FORMULATION.

 AS MARKET PARTICIPANTS, AVAILABILITY AND TRANSPARENCY OF DATA WILL ALSO ALLOW YOU TO MAKE REALISTIC ASSESSMENTS OF ECONOMIC FUNDAMENTALS AND HENCE INFORMED DECISIONS. THIS IS ESPECIALLY IMPORTANT AT THIS TIME WHEN PRIVATE SECTOR ACTIVITY IN LESOTHO IS GROWING.

THE SURVEY TARGETED ENTITIES WITH SIGNIFICANT FOREIGN ASSETS AND LIABILITIES. MUCH OF THE INFORMATION REQUIRED FOR THIS SURVEY WAS OBTAINED FROM COMPANY FINANCIAL STATEMENTS OF 2005. ENTERPRISES SUPPLIED COPIES OF THEIR FINANCIAL STATEMENTS ALONG WITH THE COMPLETED QUESTIONNAIRES.

THE QUESTIONNAIRES WERE DISTRIBUTED TO A SAMPLE OF ABOUT THREE HUNDRED ENTITIES AND THE RESPONSE RATE WAS RELATIVELY LOW AND SLOW BUT ACCEPTABLE FOR THIS INITIAL SURVEY. WE TRUST THIS WILL IMPROVE AS WE CONTINUE WITH OUR ANNUAL SURVEYS AND AS WE ALL GET FAMILIAR WITH IT.

WE PROMISED THAT INFORMATION GATHERED THROUGH THIS SURVEY WILL BE USED FOR STATISTICAL PURPOSES AND WILL BE PUBLISHED AT THE AGGREGATE LEVEL ONLY.

IN ADDITION, THE CENTRAL BANK OF LESOTHO AND ITS STAKEHOLDERS GUARANTEED THAT DATA RELATING TO INDIVIDUAL ORGANIZATIONS SHALL BE TREATED AS CONFIDENTIAL. PERSONS EMPLOYED BY THESE STAKEHOLDERS ARE BOUND TO SECRECY BY THE RESPECTIVE ACTS.

I BELIEVE WE’VE LIVED UP TO THIS PROMISE AS EVIDENCED IN THE REPORT BEFORE YOU TODAY.

AFTER THIS SHORT INTRODUCTION YOU WILL RECEIVE A DETAILED PRESENTATION OF THE METHODOLOGY AND FINDINGS OF THE SURVEY, WHICH ARE RATHER INTERESTING. I ENCOURAGE THAT WE SHOULD BE AS INTERACTIVE AS POSSIBLE DURING THE PRESENTATION AS IT IS IN OUR INTEREST THAT YOU UNDERSTAND THESE FINDINGS.  AFTER ALL, THESE FINDINGS ARE A MIRROR IMAGE OF YOUR ACTIVITIES.

TEA/COFFEE WILL BE SERVED AFTER THE PRESENTATION. WHILE WE ENCOURAGE QUESTIONS AND DISCUSSIONS DURING THE PRESENTATION, WE SHALL ALLOW THEM TO CONTINUE AFTER TEA/COFFEE BREAK.

I HOPE YOU WILL ENJOY DELIBERATIONS OF THIS MORNING.

AGAIN, I THANK YOU.