 The National Competitiveness and Productivity Council, NCPC, continues its proactive approach to legislative reform, building upon the recent enactment of the Security Interest in Moveable Properties Act. Currently, the Insolvency Bill having completed its initial reading in the House of Parliament stands as the next significant step. This bill aims to offer individuals and businesses grappling with economic challenges the opportunity to restructure their financial obligations with creditors. Sharma Mathre serves as a deputy director at the NCPC. The main goal of this piece of legislation and reform project is to balance the interests between the financial institution and the borrowers. One of the prevailing misconceptions regarding Insolvency legislation is the belief that it empowers lending institutions with increased authority to pursue the assets of debtors in default. Mathre clarified that this notion is inaccurate and proceeded to outline several critical protections embedded within the legislation. The main objective of this legislation or this reform project is to ensure that there are proper laws in place and there is an established office of the receiver or supervisor of insolvency to ensure that no one-party exercises any pressure. Now when you have insolvency legislation and an insolvency legal framework in place, what it does is that it ensures that financial institutions are able to recover the money's lent to the general public and that has a downward impact on the cost of borrowing or simply put the interest rates on your mortgages, on consumer vehicle loans will be a lot less. The legislation encompasses the establishment of the office of the supervisor of insolvency tasked with acting as a neutral arbiter to harmonize the interest above the creditors and debtors. They are basically responsible for administering the insolvency bill. They will be responsible for the licensing of insolvency practitioners and one of their main functions is to basically coordinate the consumer proposals. So say if, for example, you're not able to make a specific payment on your mortgage or your loan, then you have the office of the supervisor or receiver of insolvency present to basically arbitrate or help you with the negotiation and to ensure that the bank does not exercise excessive pressure on the borrower. The development of this legislation has seen extensive engagement from various stakeholders with technical assistance from the International Finance Cooperation, IFC. According to Marthre, this legislation is anticipated to yield favorable economic outcomes, including a reduction in non-performing loans within the financial sector. She highlighted that comparable legislation has proven successful in other jurisdictions. For the National Competitiveness and Productivity Council, Glenn Simon reporting.