CHAPTER 3: PROGRESS OF IMPLEMENTATION
“Good governance is the corner stone of a stable financial sector. We must create a
banking community that does not tolerate imprudent business practices and lax systems
and control. These are the sins of the past.” Governor M.R. Pridiyathorn Devakula,
February 2004
The following Chapter will highlight the progress of Phase 1 implementation
for each Vision that began immediately after the Council of Ministers acknowledged
the FSMP in December 2003.
I. VISION 1: BROADEN ACCESS TO FINANCIAL SERVICES
(1) Microfinance System Development Committee (Microfinance Committee)
The Microfinance System Development Committee (Microfinance
Committee) was established by the Ministry of Finance in August 2003 for the
purpose of promoting efficient and sustainable grass-root financial services. The
Microfinance Committee is comprised of the Minister of Finance as chairman,
Governor of the Bank of Thailand as director, as well as representatives from other
related institutions including NGOs, savings groups, and government organizations.
The Microfinance Committee later created a sub-committee comprised of public and
private stakeholders to draft the Master Plan for Grass-Root Financial Services in
view of strengthening the financial system in the grass-root level. The sub-committee
has already completed its fieldwork research using information derived from public
hearings in the north, northeast, and southern region, and is in the process of drafting
the development plan.
CHAPTER 3: PROGRESS OF IMPLEMENTATION“Good governance is the corner stone of a stable financial sector. We must create abanking community that does not tolerate imprudent business practices and lax systemsand control. These are the sins of the past.” Governor M.R. Pridiyathorn Devakula,February 2004The following Chapter will highlight the progress of Phase 1 implementationfor each Vision that began immediately after the Council of Ministers acknowledgedthe FSMP in December 2003.I. VISION 1: BROADEN ACCESS TO FINANCIAL SERVICES(1) Microfinance System Development Committee (Microfinance Committee)The Microfinance System Development Committee (MicrofinanceCommittee) was established by the Ministry of Finance in August 2003 for thepurpose of promoting efficient and sustainable grass-root financial services. TheMicrofinance Committee is comprised of the Minister of Finance as chairman,Governor of the Bank of Thailand as director, as well as representatives from otherrelated institutions including NGOs, savings groups, and government organizations.The Microfinance Committee later created a sub-committee comprised of public andprivate stakeholders to draft the Master Plan for Grass-Root Financial Services inview of strengthening the financial system in the grass-root level. The sub-committeehas already completed its fieldwork research using information derived from publichearings in the north, northeast, and southern region, and is in the process of draftingthe development plan.
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