A summary of such proposed revisions are: •  Debt Recovery Law: to expedite the recovery process and create a creditor friendly environment  •  Asset Management Company Law: to enable the speedier resolution of non performing loans of a failed bank  •  Credit Information Bureau Act: to widen the scope of the Credit Information Bureau and to provide greater (including positive) credit information  •  Computer Crimes Law: to reduce any potential risks that may arise through computer frauds. •  Micro Finance Institutions Act: The proposed Act envisages to bring all micro finance institutions under the regulatory framework. The licensing and supervising authority will be the Monetary Board while arrangements will be made to delegate the supervisory functions to agents. •  Finance Leasing Act: The finance leasing law will be amended to permit strongly capitalised leasing companies to mobilise funds from the public through the issue of debt instruments. This will enable them to broaden their funding sources and to expand their operations prudently. •  Finance Companies Act: The law will be strengthened to bring in more stringent provisions for dealing with unregistered businesses and persons carrying on finance business, in contravention of the laws. •  Business Recovery Law: Law proposed to provide a procedure for the resuscitation of sick industries. 7. Policies for strengthening the economy  Among the fundamental requirements in strengthening the economy are high savings and investment.
Private sector external debt, which accounted for about 80 percent of foreign liabilities, increased by 5 percent to $ billion due to revaluation changes in non-us dollar denominated loans predominantly in the electricity, manufacturing, information and communication as well as real estate sectors. Esteemed invited guests, in terms of flows, overall net foreign liability outflows of $ million 1/3  BIS central bankers' speeches  were recorded in 2020 against net inflows of $ million in 2019. This was due to loan repayments to non-affiliates by the mining, manufacturing, electricity as well as wholesale and retail trade sectors, and the reduction in currency holdings by non-residents in domestic deposittaking corporations. However, FDI liability inflows amounted to $ million compared to $ million in 2019. Reduced re-invested earnings and debt repayments, largely by the mining and quarrying sector, accounted for the decline in FDI inflows. Canada continued to be the major source of private sector foreign liabilities. Ladies and gentlemen, the stock of private sector foreign liabilities declined further in the first half of 2021 to $ billion due to loan repayments mostly by the mining and quarrying sector as well as revaluation effects on equity. However, a net inflow of about $ million was recorded against net outflows of $ million a year ago. This was due to the upswing in FDI inflows on account of higher reinvested earnings by the mining, deposit-taking corporation, manufacturing, electricity, as well as information and communication sectors.