It is in this regard that I wish to appreciate and applaud KfW/GTZ/GIZ whose programs in microfinance, rural and agricultural finance and setting up of the credit reference bureau have contributed towards improvements in the sector and augur well for future improvements to the sector.
First, in the absence of a debt market, the banking system would be larger than it otherwise would be. Prevalence of a domestic debt market can move a crisis outside the banking system making it easier for the Government to stand back.