And banks also need to be given adequate incentives, in particular in relation to accounting for impaired assets. From 1 January 2018 onwards, a new accounting standard for the classification and measurement of financial instruments, known as IFRS 911, becomes mandatory in EU.
Our growth story has been supported by structural and policy reforms in the economy for around three decades. These reforms enable growth by expanding the role of market forces in key sectors of the economy; encouraging investments and private sector activity; removing bottlenecks to doing business and investments in the country; and strengthening the country’s fiscal position and the financial sector.