The decline in inflation was achieved in fairly short order - by January 1992, inflation was close to 2 per cent. The agreement has subsequently been extended three times, retaining the 2 per cent target midpoint. For almost ten years now, inflation has been well under control, and households and businesses now believe we will continue to achieve the inflation targets.
Instead of taking full advantage of the very substantial income flows from the mineral  1/7  BIS - Central bankers' speeches  developments and investing them in improving the social areas of health, education, physical infrastructure maintenance and construction of roads, airstrips, sea and river ports to open up the rural areas to markets, and law and order the resources were squandered and wasted.