Trade and Industrialisation Cabinet Secretary Adan Mohamed photo:courtesy
The Government is struggling to keep up with the World Bank’s requirements as it seeks to climb the ladder in this year’s Ease of Doing Business Report.
Trade and Industrialisation Cabinet Secretary Adan Mohamed highlighted specific areas of State bureaucracy that had been reformed to make it easy to do business in the country to key World Bank officials.
“We currently have a unit called the Business Environment Delivery Unit housed within my ministry that is tasked with carrying out reforms.
We have engineered a minimum of three reforms out of 10 indicators required by World Bank’s Doing Business Agenda.”
The CS also pointed out the passing of the Movable Property Security Rights (MPSR) Bill and establishment of a collateral registry as the biggest reforms the State had engineered this year.
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The Movable Property Security Rights Act 2017 was signed into law on May 10. It allows a whole range of collateral against loans.
“Who would have imagined that you can now access credit through assets such as crops, livestock, machinery, furniture, equipment and account receivables?” posed the CS.