Financial Sector Development Master Plan 2020-2021 2029-2030

Abstract

Financial sector development is part of the Government strategy to stimulate economic growth and reduce poverty. In recognition of the importance of the financial sector, the Government has undertaken a number of reforms since the 1990s with the goal of developing a sound market oriented financial system to support economic growth and poverty reduction. These reforms include the First- and Second-Generation Financial Sector Reforms, which aimed at establishing a conducive environment for the development of a vibrant financial sector that can contribute to the nation’s aspirations of building a sustainable economy. Specifically, the reforms focused on improving financial policy, legal and regulatory frameworks and strengthening the financial sector (banking, capital markets, social security, insurance and microfinance). In addition, the reforms intended to institute policies and laws that support financial sector development and facilitate the provision of long- term development finance.