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Background Papers
The Role of the Private Sector in Nepal's Development
UPDATE AND OUTLOOK ON FINANCIAL SECTOR REFORM
March 24, 2000
The Role of the Private Sector in Nepal's Development
UPDATE AND OUTLOOK ON FINANCIAL SECTOR REFORM
Paper Prepared by the Donor Community in Nepal for Purposes of the Nepal Development Forum (NDF)
April 17 - 19, 2000 (Paris)
A. THE ROLE OF THE FINANCIAL SECTOR AND THE RATIONALE FOR FINANCIAL SECTOR REFORM
1. A nation's financial system has often been characterized as "the heart" of an economy. When the human heart is feeble the entire body will suffer the consequences. Similarly, a strong heart is likely to produce a strong body with many beneficial effects. Similarly, a strong financial sector can promote economic growth, mobilize and allocate resources efficiently, make capital more productive and create jobs. A sound financial system mitigates vulnerability to financial crisis and defray, the economic and social costs that follow financial disruption. An efficient financial sector mobilizes savings and offers a wide range of financial institutions and a wide range of financial instruments to meet a broad range of needs, including those of the poor, and ensures inter alia that smaller businesses have access to financial services which will provide them with opportunities to grow. A deep financial system includes leasing companies, venture capital companies, stock exchanges, public and private debt markets and sources of longer term finance. It caters to agriculture and industry as well as to commerce and trade. Broader and deeper financial markets are important because of the stability, efficiency, and access they confer - all of which are key determinants of prosperity and poverty alleviation.
2. Strengthening of financial systems is generally anchored on three broad themes: (a) making systems stable and resilient to crises by effectively regulating and supervising banks, developing domestic debt markets, managing debt and encouraging good corporate governance; (b) making systems efficient and cost-effective by supporting improvements in the legal underpinnings of financial markets, increasing competition and the development of institutional investors; and (c) facilitating broad access to key financial services by helping clients create diverse market instruments and maximize the effectiveness of intervention.
3. The worth of a nation's financial sector is its ability to provide the appropriate types of institutions and financial instruments which can support economic growth and development. Generally, a financial sector will reflect the health of the real sectors which it serves. A strong business sector will generally be reflected in a healthy financial sector - whereas a poorly performing economic base will generally be reflected in a poorly performing financial system. The challenge in Nepal is to create a financial system which is supportive of growth - and dynamic and nimble enough to change and meet the evolving needs of a dynamic real economy.
B. STRUCTURE OF NEPAL'S FINANCIAL SECTOR
4. Given the relatively small and under-developed economic base of the country, Nepal has a reasonably diversified financial sector as evidenced by the number and variety of institutions that play an active role in the sector. The financial system remains, however, unnecessarily segmented - which has tended to reduce competition. The financial system includes thirteen commercial banks; two development banks; 43 finance companies; 5 regional rural development banks; 27 non-government cooperative societies which are involved in limited banking activities; 30 non-Government organizations involved in limited banking activities; a postal savings bank operating in 121 postal agencies; 13 insurance companies; an employees provident fund; a citizen's investment trust; a stock exchange; and a series of foreign exchange bureaus. The structure of the banking sector is summarized in the table below.
5. The sector is overseen by Nepal Rastra Bank (NRB) which was established as the central bank in 1956. The banking sector is dominated by the commercial banks - of which there are thirteen - two state owned (or previously state owned) commercial banks and eleven joint venture banks which have a 50/50 shareholding between foreign and local Nepali interests. The commercial banking sector accounts for 53 percent of total financial system assets when NRB is included - and 74 percent if NRB is excluded. Rastriya Banijya Bank and Nepal Bank Limited dominate the commercial banking sector, holding around about 60 to 65 percent of total commercial banking system assets.
Structure of Nepal's Financial System, (as at end 1998)
| Type of Financial Institution |
Number of Institutions |
Number of Branches |
Value of Assets(Rs million) |
| Central Bank - Nepal Rastra Bank |
1 |
8 |
79,889.8 |
| Commercial Banks |
13 |
480 |
145,860.3 |
| Development Banks |
2 |
645 |
22,199.0 |
| Finance Companies |
43 |
|
8,404.1 |
| Rural Development Banks |
5 |
|
1,155.5 |
| Cooperative Societies |
27 |
|
618.4 |
| Non-Governmental Organizations |
30 |
|
|
6. Within the commercial banking sector, there are three distinct classes of banks. The first of these (the dominant group) includes Rastriya Banijya Bank (RBB) and Nepal Bank Limited (NBL) which have Government ownership and are characterized by extremely poor performance, a high negative net worth, extensive branch net works, and severe politicization. The second group includes the four largest joint venture banks which are mid-sized and are characterized as being highly efficient, highly profitable, and operating at, or close to, international standards of banking. These banks also tend to be fast growing. The third group includes the remaining seven banks - many of which represent investor interests from other South Asian banks or Nepal. These banks are much smaller than the rest and their performance is variable which limits their capacity to act as effective competition within the banking system.
7. The next largest component of the financial sector are the two development banks - the Agricultural Development Bank of Nepal (ADB/N) and the Nepal Industrial Development Corporation (NIDC) - both of which are owned by the Government. The Agricultural Development Bank of Nepal was established to provide lending services for developmental activities in the agricultural sector, while the Nepal Industrial Development Corporation (NIDC) was designed to support development activities in the industrial sector. The ADB/N, however, is a significantly larger institution than NIDC, with roughly ten times more assets. These two institutions account for about 8 percent of total financial system assets. Traditionally, these two banks have relied upon donor resources for their sources of funding, but more recently the ADB/N has ventured into deposit taking activities to replace lost donor resources.
8. More recently, the Government has permitted finance companies to operate in Nepal. These companies provide various forms of longer term lending and deposit taking activities - such as hire purchase, some limited leasing activities and mortgage financing. There are currently 43 finance companies in Nepal but they represent only 3 percent of all financial system assets.
9. Most of the remainder of the financial system is comprised of insurance companies - and the various players in the very active micro finance market. This group of institutions includes the Regional Rural Development Banks, the non-governmental organizations (NGO's) which undertake limited banking functions and to a lesser extent, the credit cooperatives. Given the small size of the market participants with which these institutions are dealing, however, the total size of the assets controlled by this group of institutions is correspondingly small. Some of these institutions, such as the Credit Cooperatives, operate with savings mobilized from the public - while many of the micro finance institutions function with on-lent donor or Government monies (although some of these also raise deposits). The structure of the financial sector is portrayed graphically in the following chart.
10. Despite the large number financial institutions operating in Nepal, the sector exhibits the attributes of a fairly rudimentary system dominated by commercial banking and central banking activities. Excessive segmentation within the system also means that it is not particularly competitive. Developing a broadly based system with a wider choice of financial instruments and institutions will take time - but will nonetheless, remain a longer term objective. It is only with a wider range of instruments and a wider array of institutional participants, that the sector will be able to become truly competitive and effective in support of sustained economic growth.
C. ISSUES IN THE FINANCIAL SECTOR
11. The Role of Government in the Financial Sector. One of the main issues in the financial sector at the present time is the overwhelming role that the Government plays as an owner and operator of financial institutions. Not only does it own the largest commercial bank, and hold the dominant shareholding in the second largest commercial bank, but it also owns some shares in virtually every other commercial bank. In addition, it owns the two development banks, insurance companies, regional rural cooperative banks, and is heavily involved in micro finance institutions. As in most developing countries, Government ownership has resulted in poor internal governance, weak management, fragile financial health, and an unhealthy politicization of these institutions. There is an important need for the Government to divest its ownership of most of these banks and financial institutions and to replace the role which is overwhelming played by the public sector by "fit and proper" private sector owners and operators.
12. At the same time that the Government has played a dominant role as an owner and operator it has failed to play an adequate role as a supervisor and regulator of the financial system. Consequently, weak institutions have been permitted to carry on business without government or central bank sanction - and indeed have continued to deteriorate over time. Many institutions are characterized by weak capital bases, high levels of non-performing loans, and even allegations of corruption and inappropriate management action. In an industry based upon confidence - such conditions cannot be allowed to persist. Hence, there is a critical need for the Government to realign its role within the financial system away from being a direct owner to being a supervisor and regulator of financial sector activity. In doing so, however, it will need to take care that it does not replace its role as an inefficient owner/operator of the state banks with that of an overly bureaucratic supervisor, thereby replacing one form of excessive public sector influence with another. Achieving the correct balance in ensuring adequate prudential supervision without injecting undue interference will therefore be an important challenge.
13. The Role of Nepal Rastra Bank. The confusion between ownership and regulatory functions has, in turn, compromised the role of the central bank. Recent internal criticism of Nepal Rastra Bank (NRB) has stemmed from the fact that it is perceived as not having sufficient autonomy to properly perform the role that it should be playing - particularly with respect to large, inefficiently operated, and highly politicized institutions such as RBB. Yet greater autonomy can only come with greater accountability which will require the development of a more professional institution. The gradual professionalization of NRB and increasing autonomy will therefore have to go hand in hand with the removal of financial institutions - through privatization and/or liquidation - from the public domain. At the same time, NRB should strengthen its core functions such as banking supervision and monetary policy management (and extending this supervisory role to all deposit taking institutions including finance companies), while simultaneously divesting itself of shareholdings in other institutions (financial and non-financial); removing itself from the boards of all other institutions (financial and non-financial); and giving up its current development banking functions. Clarifying the NRB's role vis a vis the Ministry of Finance as banker to the Government will also be important.
14. The Legal Financial Environment. The legal environment within which the financial sector operates also requires modernization and up-grading to internationally accepted norms. The two central pieces of banking legislation - the central banking act and the commercial banking act - both need to be completely revised and properly regulated. In addition, there is a key need to rationalize financial sector legislation and regulations so as to move away from the current trend which has resulted in a fragmented and contradictory legal environment. Regulations in support of this legislation will also be important, i.e., banking supervision regulations to reflect well established and internationally accepted norms (in particular rules on capital adequacy, provisioning policy, loan limits to single customers, bank licensing, and so forth). Supporting financial sector legislation will also need to be modernized and rationalized. Development banks which accept deposits (such as the ADB/N) should be subjected to similar supervisory norms and capital adequacy requirements as other deposit taking institutions.
15. The Public/Part Public Commercial Banks - RBB and NBL. The most immediate and major financial sector concerns outside of the central bank lie with Rastriya Banijya Bank (RBB) and Nepal Bank Limited (NBL). Although NBL is in a slightly better position than RBB, both banks exhibit serious problems of weak governance and poor management, leading to a high level of non-performing assets (NPA), an overall serious financial position, and gross inefficiency in operation. Recent reconstruction work on the accounts of RBB (which had not been produced for the past three years) indicates a high level of NPA and a significant negative net worth. Both institutions create an inefficient environment behind which more efficient banks can operate and make significant profits - merely by offering a reasonable service and operating like a truly commercial institution. Addressing the governance problems in RBB and NBL - possibly through their privatization to "fit and proper" owners - or through liquidation or restructuring is therefore a matter of serious urgency. Naturally, transitional and sequencing issues will be extremely important when addressing the problems within the two state banks. Since they are the major source of banking services - both deposit taking and credit provision - to the largest number of Nepalis, the inevitable disruptions arising from reform will need to be carefully managed.
16. The Development Banks. There is also the need to address the problems of the two development banks - the Agricultural Development Bank of Nepal (ADB/N) and the Nepal Industrial Development Corporation (NIDC) - and the five regional rural development banks, which support SME and micro-enterprises. All of these publicly owned development banks have major financial and managerial weaknesses - which require a rationalization of their activities, a divestiture out of the public sector, or perhaps even liquidation. The restructuring of the financial institutions which provide finance to the rural economy is particularly important as a vibrant rural economy is a key prerequisite for broad based growth in Nepal. Broadening and deepening rural financial markets will be an important challenge for the future. Here again, transitional and sequencing issues will need to be carefully managed in addressing the problems of the development banks; and attention will need to be given to the legal and regulatory issues which pertain to these institutions.
17. The Joint Venture Commercial Banks. The remainder of Nepal's commercial banking sector is characterized by four larger, and reasonably efficiently operated commercial banks, and a series of variably managed and operated commercial banks. A recent (July 1999) budget announcement of the Minister of Finance will now permit these banks to be owned more than 50 percent by their foreign operators. Increasing this up to 100 percent - for those banks which wish to avail themselves of this change - could attract more good name banks and will hopefully ensure that the existing banks are better governed. Simultaneously, it is important that the NRB improve the frequency and the quality of its supervision and regulation of these banks - some of which are known to also be in poor financial health.
18. Micro Finance Institutions. There is currently a plethora of micro finance institutions operating in Nepal. While support for a viable micro finance industry is one important way of ensuring that financial services reach down to the very poor and thereby address poverty alleviation in a very direct manner it is unclear that the current situation is having as beneficial an impact upon the micro enterprise sector as it could, and the financial sustainability of existing micro-finance institutions is clearly questionable. But such institutions can add to the range and reach of the financial sector and assist in going well beyond those areas traditionally serviced by the commercial banks - down to levels where more formal banks, because of high transaction costs, cannot commercially operate.
19. The Stock Exchange and Accountancy Standards. The Nepal Stock Exchange, while registering some successes, is largely moribund with very little activity taking place in only a few select share issues (mainly bank shares). In part, this stems from an overall weak governance structure with poor accountancy standards and weak disclosure of financial information. Institutional strengthening of the stock exchange will therefore need to go hand in hand with a movement towards internationally accepted accountancy standards - both within the banking sector and within the corporate sector.
20. Other Important Issues. In addition, and in conjunction with the reforms envisaged above, it will be important to improve the functioning of the Credit Information Bureau to provide more comprehensive and easily available credit information about borrowers in Nepal; the Banker's Training Institute to provide for better training for participants in the financial sector; and the Banker's Association.
D. OUTLOOK FOR FINANCIAL SECTOR REFORM
21. There is a clear need for fundamental and far reaching reforms in the financial sector to address the myriad of problems enunciated above. Several of the key steps in this process, which have been agreed with Nepal Rastra Bank, the Ministry of Finance and the National Planning Commission are outlined in the following paragraphs. Implementation of these measures will require a strong commitment by His Majesty's Government of Nepal as well as participants in the financial sector themselves. Financial Sector reform is not an easy process and it strikes at the heart of good governance and public sector reform. A strong commitment by the government to this reform process demonstrated by effective action will send an important message to the donor community on HMG/N's willingness to address some of the worst excesses of mis-management and poor governance.
22. Financial Sector Strategy Statement. There is a general understanding of the need for urgent financial sector reform in Nepal. In an effort to provide a comprehensive development setting for the evolution of the financial sector in Nepal, the Government has developed a Financial Sector Strategy Statement (FSSS). This FSSS will establish the framework for financial sector reform. It will build upon the earlier achievements made with respect to financial sector reform in the second half of the 1980s and the early 1990s when the sector was first opened up to foreign competition - and will provide the framework for the next phase of financial sector reform - which should focus on central bank strengthening, commercial bank privatization/restructuring, and further market deepening and broadening (such as the further development of efficient rural financial markets and the micro finance sector, and the establishment of second tier financial institutions). This FSSS is currently in draft form and has been reviewed within the Government. The draft FSSS is to be discussed in a public forum with the banks, other financial institutions, members of the private sector, donors, and civil society. Thereafter the Statement is to be finalized and formally adopted as Government policy, as part of the budget process, and issued in July 2000. This FSSS should provide the Blue Print for reform in this crucial second reform phase and should cover the key aspects of financial sector reform in an integrated and comprehensive manner.
23. Legal and Regulatory Environment. Clearly, any reform of the financial sector must take place within the context of an up-dated, modernized, and fully revamped legal and regulatory environment. The existing weak legal framework is insufficiently robust to support the sort of financial sector that the Government would like to see created in Nepal. Focussed efforts will need to take place as a matter of urgency to address initial legal and regulatory concerns, with broader reforms taking place over a more medium term horizon. Developing the institutional capacity within Nepal Rastra Bank to prepare these laws and regulations - and, equally importantly, to ensure their effective implementation - will be key initial steps for the reform program. It will also be important to ensure that MOLJ and other stakeholders are fully involved. Indeed, wide stakeholder consultation on any legislative reform will be essential for it to succeed.
24. Strengthening Nepal Rastra Bank. As an integral component of the FSSS, but contemporaneous with the formulation of the Statement, Nepal Rastra Bank has embarked upon a program of central bank strengthening. The initial phase of reform in NRB with focus on legal issues, bank supervision strengthening and the further development of monetary policy management. Throughout 2000 work is to continue on revising the central bank and financial institution acts, to be sent to parliament for adoption so that, by the end of the year, a modern legislative framework will be in place. Regulations which support these new acts are also to be completed, to comply with internationally accepted norms - particularly in the areas of banking supervision. Simultaneously, the central bank has employed a bank supervision expert to work within Nepal Rastra Bank for an initial two year period to improve both the on-site and off-site bank supervisory capacities of the central bank. This expert will carry out some on-the-job training but will also draft up a comprehensive training and computerization plan for the staff of the bank operations and bank inspection departments. At the same time, NRB is to examine all commercial banks and should have full powers to discipline banks which are found to be in contravention of the existing laws and regulations of the central bank. Thirdly, the central bank is to strengthen the research department and its monetary policy management and statistical analysis capacities.
25. Dealing with RBB and NBL. The Government has recently embarked upon a study of various options which may be available with respect to Rastriya Banijya Bank (RBB) and Nepal Bank Limited (NBL). In doing so, the Government has made a first step towards taking action to deal with the very serious problems which exist within these two institutions. Once the Options Study has been completed in mid-April, the Government, in conjunction with key donors, should be well equipped to make a decision on the future direction of these two institutions. The current financial health of these two banks, but particularly the financial problems of RBB, will impose a significant fiscal burden upon the Government. The Government can do many things on its own account to begin to deal with financial problems within the state banks. Nonetheless, it may also have to rely upon donor resources to overcome the financial problems within RBB and NBL which, in turn, would require a strong demonstration of commitment by the Government to achieving a significant change in governance relationships within these two banks and bringing them up to international standards of banking. There is a general agreement that these institutions ought to be moved out of the public sector - and if privatization is the course of action that is chosen for these two banks, then a "fit and proper", good name, international banking institution should be sought as a partner in both institutions. As already mentioned, transitional issues with respect to implementing any chosen option for these two banks will clearly have to be addressed carefully. Simultaneously, from July 2000, both RBB and NBL would be subjected to a fully professional on-site bank examination by Nepal Rastra Bank - led by an expert bank supervisor, with additional external assistance, as necessary.
26. Joint Venture Banks. The Government has already committed itself to the removal of the 50 percent limitation on foreign ownership of Joint Venture (JV) banks. Although foreign banks would be permitted to hold up to 100 percent of a bank in Nepal, they would be encouraged to issue some shares on the local stock exchange to ensure some Nepali ownership of these institutions. Such action would permit the Government, and Government owned institutions, to divest themselves of shares in the JV banks and would allow the sector to move quickly away from cross ownership of banks by other banks (particularly NRB, RBB and NBL). At the same time, the Government has agreed to permit foreign banks to operate as branches in Nepal. These key policy changes with respect to the JV banks should be implemented soon. A program of on-site bank examinations should also be drawn up for all the JV Banks to follow on from those of RBB and NBL - to ensure that all commercial banks have been subject to a full bank exam within the coming two to three years.
27. Governance Issues - International Accounting Standards. The Government has also declared its commitment to the introduction of international accounting standards. This is particularly important for banks - and Nepal Rastra Bank is expected to institute prompt, financial accounting, to international standards within an agreed, time bound, period. International Accounting Standards (IAS) will also be instituted within the corporate sector with thresholds for compliance gradually reduced to increasingly include more and more companies within the IAS net. To assist in this process, international auditing companies are to be permitted to commence operations in Nepal, as announced in the Minister of Finance's 1999 Budget Speech. Donors are placing a high priority on assisting the Government and the accountancy profession is moving towards IAS and efforts are already underway to support the Institute of Chartered Accountants of Nepal (ICAN) in this process over the next 18 months.
28. Development Finance and Micro Finance. Although the central bank and the commercial banking system are important for the repercussions that they can have on the entire economy, their reform is only part of a genuine financial sector reform development program. Equally important is the need to develop rural financial markets, promote savings, develop a coherent framework for micro finance (including micro savings) and provide long term financing instruments, to complement the commercial banking sector. Indeed, the development of genuine rural financial markets could have a lasting positive impact upon poverty, if such institutions are established as commercially viable and sustainable entities and can operate as part of an overall sound financial system.
29. ADBN and NIDC, like RBB and NBL, also suffer from systemic inadequacies of the financial infrastructure, reflected in: (i) a lack of institutional autonomy; (ii) an inadequate regulatory framework, standards and regulatory capacity of NRB; (iii) weak auditing and accounting standards; (iv) insufficient information database; and (v) a feeble legal recourse system and contractual enforcement. Today, these institutions constitute core elements of the rural and private sector financial infrastructure, and these problems thus need to be addressed by HMG/N. In addition to the financial sector issues, ADBN is also affected by non-financial policies such as agricultural pricing, investments in agriculture and rural development, and so on. The primacy of a conducive policy environment for ADBN to function as a financial intermediary is underscored by the fact that (i) targeted and subsidized credit policies override competitive and efficient financial intermediation, (ii) the restrictions on the interest spread do not take cognizance of the higher transaction costs associated with rural credit, and (iii) it has no effective control over its corporate strategy.
30. Given the difficult circumstances of ADBN and NIDC, a complete review of the role of these two institutions within the economy needs to be undertaken in the near future. This institutional analysis of both banks would assess their financial health, their management strengths and weaknesses, and would make recommendations for their future operation. Fundamental changes in the activities of these two institutions will be unavoidable for creating an overall sound financial sector in Nepal.
31. Similar reviews should be conducted, at a later stage, with respect to the regional rural development banks. As mentioned earlier, a thorough review of rural finance and micro finance - and of the related donor supported programs - should take place, since it is clear that donors' funds could often be put to better use. Lessons of experience are numerous, in the region and elsewhere, pointing to the appropriateness of supporting community based schemes with little or no government involvement. Close coordination with the government and the donor community is essential to maximize the consistency and the efficiency of the respective programs. Indeed, the micro-finance institutions (MFIs) comprising the seven Grameen Replicator Banks (six under the Development Bank Act) are not immune to sectoral issues and the agenda for their sustainability, among others, includes (i) restoring institutional autonomy, de-politicization and improved governance, (ii) policy reforms (deprived sector lending, privatization, etc.), (iii) effective supervision and regulation, (iv) addressing the conflicting role of NRB as both owner and supervisor, and (v) re-capitalization. Finally, the role and contribution of NGOs in microfinance will also be need to be looked at in that context. Review of laws governing financial intermediation to enable NGOs to become sustainable micro finance service providers would be a key step in that process. While some efforts are already underway to address these issues relating to rural micro finance, experience so far suggests that governance, autonomy and politicization problems in these areas will also need to be dealt with at the broader level of overall financial sector reform.
32. Broadening and Deepening the Financial Sector in Nepal. Equally important to dealing with the problems in the existing financial institutions, will be the need to create competition through support for the development and establishment of alternative, privately owned, second tier institutions. Leasing companies, venture capital companies, debt and equity market development, secondary markets, and the like, can all add significant depth and breadth to a financial system. Indeed, such institutions frequently inject more competitive pressures into a national financial system than do more commercial banks. Ensuring the establishment of an appropriate environment for the development of such privately established institutions will be another key component of the overall reform exercise.
33. Other Areas of Support. While the above issues represent the main areas of reform for the immediate future, His Majesty's Government of Nepal, with support from the World Bank, the International Monetary Fund, the Asian Development Bank, and other bilateral donors will also seek to work in other areas which are important for the growth and development of the financial sector. Such areas include the credit information bureau, the banker's training institute, and so on.
E. CONCLUSION
34. Nepal's financial sector faces serious problems. The sector is predominantly owned and controlled by the state. Large parts of the system operate with very serious governance problems. Several of the key institutions are technically insolvent and, in some cases, have been maintained liquid by capital injections from the budget. The financial system acts as yet one more drag upon overall economic growth in Nepal. The heart of the economy looks to be in decidedly poor shape - the precarious health of the body reflects this poor condition.
35. The Government is committed to private sector led growth in Nepal. It is also committed to greater private sector ownership and operation within the financial sector. Turning this into reality involves an ambitious agenda which focuses first and foremost upon strengthening the central bank and reforming the two largest commercial banks. Strong Government commitment and willingness to take politically difficult action will be required to deal with these two key areas. However, if steps are taken now, and existing commitments are acted upon - by the time of Nepal's next Development Forum, the financial sector could look healthier. Failure to do so will result in more lost years of development to the detriment of most Nepalis - and most likely to additional financial losses, which would make the problems even more intractable than what they are at present..
36. Willingness to reform the financial sector will not merely demonstrate strong political courage and commitment for the sake of economic growth leading to poverty reduction but it would also evidence the government's willingness to strike at the core of some of the worst excesses of bad governance within the nation.
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