The further decline in the borrowing requirement of the public sector in the past fiscal year can be attributed to substantial improvements in the financial position of the national government, provincial governments and the non-financial public enterprises and corporations. A decline in investment spending by public enterprises and corporations was responsible for approximately 25% of the reduction in the public-sector borrowing requirement.
Emphasis should be given to convergence with globally accepted standards and best practices, which will also facilitate easier global integration later. 12. A major challenge faced by Asian nations towards developing a regional capital market is the building of necessary market infrastructures.