In order to put high public debt ratios on a downward path, governments should not unravel their efforts to reduce deficits and sustain fiscal adjustment over the medium term. The composition of fiscal consolidation should be geared towards growth-friendly measures which have a medium-term perspective and combine improving the quality and efficiency of public services with minimising distortionary effects of taxation.
We in Malawi acknowledge benefits of regional integration which, I am glad to say, include systematic growth and development of the financial sector in general, and of insurance, securities, pension and microfinance subsectors, in particular. Chairperson, Ladies and Gentlemen, The financial sector is a catalyst of economic growth and all effort to develop and deepen this sector remains a key public policy challenge.