These measures were needed to specifically address the issues of rapid credit growth and the possible impact of asset price movements on banks’ balance sheets in a bank-dominated financial sector. The fiscal management in the country has significantly improved with the combined fiscal deficit of Centre and States declining from 9.5 per cent of GDP in 2000-01 to 6.4 per cent in 2006-07.
Loi M Bakani: Save today for a better tomorrow Address by Mr Loi M Bakani, Acting Governor of the Bank of Papua New Guinea, at the Pacific Regional Conference on Microsavings, Port Moresby, 28-29 June 2005. *  *  *  Welcome Minister for Inter-Government Relations – Hon.