Governor, Central Bank Moeketsi Senaoana of Lesotho

Moeketsi Senaoana said even though they were able to financially support construction of the classrooms, a long road still lies ahead.

Senaoana was arguing that although the government s policy on privatisation is that locals should be given preference, it would be very difficult for them to buy privatised businesses because their banking deposits were rather low.

Moeketsi Senaoana said even though they were able to financially support construction of.

Senaoana said that there is no way the investors will get their money back as there is no money that can be used to pay the investors.

Senaoana said MKM has been operating as business insurance but also promoted pyramid schemes such as the equity creator, one million schemes, bursary scheme.

Moeketsi Senaoana has been quoted as saying that with regard to Boliba, both the government and the CBL are providing assistance towards turning the institution into a bank.

Senaoana said Lesotho's debt has never been in excess of 40 percent of gross domestic product of around $6-billion.

Senaoana said the biggest downside risk on the economy was political instability.

Senaoana is in Basel to attend the two-day annual meeting of central bank governors at the Bank for International Settlements which starts on Saturday.