still outstanding, while partially complying with 14 on liquidity risk management, 15 on operational risk, 17 on internal control and 23 on collective remedial powers of supervision, respectively. The BM affirmed that it is preparing comprehensive risk-based regulations in order to comply with the outstanding principles and felt that, given the low money and security market deals by banks, compliance with some principles may not be so urgent. lxiii. The BM is also acting as the independent regulator of the government-owned Mozambican Stock Exchange (BVM). As an autonomous institution, the BM can render independent action, but a separate regulator would be perceived as being more independent. It would also devote more time to the promotion and development of the capital market. lxiv. The Office of the General Inspectorate of Insurance (IGS) regulates the insurance business in Mozambique. However, it has not yet sought membership of the International Association of Insurance Supervisors (IAIS) or the International Organisation of Pension Supervisors (IOPS), pending full compliance with the core standards. lxv. Accessing finance remains a serious challenge in Mozambique. Large businesses have access to a wide range of facilities, including foreign loans, the BVM and traditional trade finance from financial institutions. However, SMEs face the constraint of lack of security, high interest rates and generally low levels of transparency. The situation is further complicated by the absence of acceptable records. The limited number of bank branches in the districts (only 43 out of 128 districts) poses yet another bottleneck. lxvi. Private sector business is predominantly informal, unskilled and lacking in entrepreneurial skills. While the CTA, the private sector apex body, plays an important linking role between the government and the private sector, it does not have the capacity to service the entire country. lxvii. The World Bank’s Doing Business 2008 report indicates that entrepreneurs can expect to go through at least ten identifiable steps to launch a business, which takes an average of 29 days. Overall, the ease of doing business in Mozambique is ranked 134th out of 178 countries. The government and private sector continue to work with donors to improve the business environment. lxviii. In recent years, infrastructure in Maputo has improved significantly. The power supply is reliable, major roads are reasonable and telephone services are adequate. However, major challenges remain in the case of feeder roads, rural electrification and telephone services to the districts. Furthermore, there are no oil-refining facilities and oil security reserves are non-existent. 14 A P R M COU N T RY R EV IEW R EP ORT NO. 11