There are clear improvements in the banking sector, for example, where the legacy of directed lending is slowly giving way to a more market-based allocation of credit supported by the involvement of foreign strategic investors.
More Quotes from James McCormack:
The fruit of previous investment is being reflected in the slower import figures, and that's good for medium-term growth.James McCormack
You don't see much opposition to her policy initiatives. I think it's more of a power struggle than a policy struggle.
James McCormack
The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves.
James McCormack
This will allow the government debtGDP ratio to continue its downward trajectory, alleviating pressure on sovereign credit worthiness as debt ratios gradually compare more favorably with rating peer group medians.
James McCormack
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues.
James McCormack
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