Good financial governance is key to reduce vulnerability to external shocks

"Financial governance sets the stage for sound financial decision, making broadly speaking, sound financial governance is a sum of many parts including strong institutions, efficient processes, and effective rules, regulations and norms.

"It affects the way financial decisions are made including decisions relating to savings and spending, borrowing and lending, investment and profit distribution and is relevant to all economic agents, be it households, businesses or government," he said.