Also, headway was made with a number of structural reforms in the functioning of the State, while steps were taken to modernise the tax system and tax collection mechanism and broaden the tax base. On the downside however, these positive results have taken a heavy toll on the economy and society in terms of income, employment and human and physical capital.
As the risks undertaken by these institutions are high, they should have significant corporate governance, capital adequacy, liquidity, operations and credit risk issues.