Definition and scale of sector
Why the sector was chosen in the West Midlands
The comprehensive financial sector reform programme introduced in the 1990s has largely transformed Pakistan's financial sector from an inward-looking, narrow-based and government controlled regime to an outward looking, market-based and dynamic system. After passing through an initial stage of trial and error in earlier years the market oriented financial system has now achieved considerable sophistication.
Some major objectives of reforms have been achieved whilst others are being pursued. The financial sector reform programme envisaged harnessing the private sector as the engine of growth. Hence, the Credit Plan allocated more resources to the private sector than to the government sector for budgetary support through bank borrowing. Annual average credit to the private sector therefore, increased by Rs 53.3 billion in the 1990s, which constituted 52 percent of M2. Government borrowing for budgetary support, which averaged Rs 50.0 billion over 1991-97, came down considerably to Rs 4.3 billion during the last three years (1997-2000) of the decade.
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