High utility costs caused by inefficiencies in state owned enterprises (SOEs), particularly power and water, are key obstacles to future economic growth.Finance Minister, Snyder Rini, revealed this in Parliament Monday in the second reading on the CNURA government's 2009 budget.
Other areas include high administrative and regulatory costs, inadequate infrastructure especially transport and telecommunications, underdeveloped financial services, and inadequate local capacity to start and operate business.
"These barriers to growth show the need for a continuation of a rigorous economic reform agenda," Mr. Rini said.
Mr. Rini said that in order to address these obstacles, the Government is embarking on a reform agenda.
Source: National Express