Fiscal deficit was reduced by pursuing a combination of four sets of policy measures (i) mobilizing additional tax revenues (ii) reducing subsidies to public enterprises and corporations and (iii) bringing about a significant decline in debt servicing payments and (iv) containing defence expenditures. Monetary policy was kept reasonably tight during the first two years with money supply growth at about 9 percent.
In this regard, I find the role of CISNA to be consistent with aspirations of our Governments. CISNA supports initiatives toward the creation of a strong base of domestic non-bank financial institutions, particularly those specialising in the mobilisation of long-term savings, for example life insurance, pensions and collective investment schemes.