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S Asia must reform debt-accumulating banks, enterprises to avert financial crisis
July 12, 2021
South Asia’s heavy reliance on state-owned commercial banks, state-owned enterprises, public-private partnerships and other national and sub-national public entities conceals its vulnerability to accumulating unsustainable levels of debt.
According to a recent World Bank report, ‘Hidden Debt: Solutions to Avert the Next Financial Crisis in South Asia,’ South Asia is more exposed to the risk of “hidden debt” from state-owned commercial banks (SOCBs), state-owned enterprises (SOEs) and public-private partnerships (PPPs) because of its greater reliance on them compared to other regions.
But the report offers key areas for policy actions and concrete reforms that can help governments leverage public capital more responsibly through these types of entities to advance economic development.
Pakistan’s stubborn legacy continues to cast a dark shadow on a wide range of national issues, making needed strategic policy changes problematic in a situation made more complex by the nation rarely so divided.
The security establishment is concerned that ‘strategic challenges and related policy shifts in external relations could have repercussions for the country’. The concerns about fallout of the escalating civil war in Afghanistan including feared influx of refugees and the brewing unease in Pakistan-US ties owing to rising tensions in US and China relations are rising. The ‘geopolitical tensions’ an analyst says, have begun ‘to impact our fragile economy. The IMF programme currently remains in a state of flux.
South Asia must reform SOBs and SOEs: Report thehimalayantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehimalayantimes.com Daily Mail and Mail on Sunday newspapers.
Date Time
South Asia Must Reform Debt-Accumulating State-Owned Banks and Enterprises to Avert Next Financial Crisis
WASHINGTON, June 29, 2021-South Asia’s heavy reliance on state-owned commercial banks, state-owned enterprises, public-private partnerships and other national and sub-national public entities conceals its vulnerability to accumulating unsustainable levels of debt, according to a new World Bank report, Hidden Debt: Solutions to Avert the Next Financial Crisis in South Asia, released today.
South Asia is more exposed to the risk of “hidden debt” from state-owned commercial banks (SOCBs), state-owned enterprises (SOEs) and public-private partnerships (PPPs) because of its greater reliance on them compared to other regions. But the report offers key areas for policy actions and concrete reforms that can help governments leverage public capital more responsibly through these types of entities to advance economic development.