These improvements, however small, are an indication that financial sector transformations and reforms being undertaken based on the three pillars of stability, efficiency and access are translating into increased financial inclusion and consequently spreading financial services to the poor. Financial inclusion actors globally, like CBK, believe that poverty can be reduced sustainably and consistently with access to finance.
The worsening of fiscal situation in late 1980s was manifested in deterioration of external balance position and collapse in domestic growth in 1991–92, in the backdrop of adverse global shocks – the gulf war and disintegration of the Soviet Union.