On this note, I would also like to mention that sustainable and impactful financial solutions are not reserved exclusively for DFIs. The whole financial sector has a professional and civic responsibility to advance the sustainability and inclusion agenda. This responsibility includes upholding the fiduciary duty of financial institutions to preserve the trust, integrity and confidence in the financial system. By being responsible citizens, financial institutions will go a long way to repair the trust deficit between the industry and the public brought about by bank failures and the numerous cases of market misconduct, manipulation and scandals. 3/5  BIS central bankers' speeches  To this end, Bank Negara Malaysia has pioneered the measurement of development impact to complement financial performance by implementing the Value-based Intermediation (VBI) Scorecard with selected banks. The VBI scorecard contains components of qualitative and quantitative measures of impact to cultivate an impact-driven mindset and drive improvement within the banking industry. We hope that this will be a stepping stone to enhance the contribution of the financial sector to public welfare. In summary, as the old adage correctly points out, “If you can’t measure it, you can’t improve it.” Hence, the accountability and effectiveness of DFIs need to be measured through a robust, structured and comprehensive performance framework. This two-day Forum is dedicated towards realising this outcome. Challenges in measuring performance and collecting credible data that will best quantify the development impact will be discussed to identify workable solutions drawing from the experience of other leading international DFIs.

In addition, the Public Institution for Social Security also postponed subscription payments. Government fee waivers were extended to impacted institutions, and banks extended moratoriums on affected customers’ loans. The Committee had also communicated with all  1  Chapter Five refers to Kuwaitis registered with the Public Institution for Social Security as self-employed. Chapter Three refers to Kuwaitis registered with the Public Institution for Social Security as working for a private sector employer. 2  Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  -5-  government entities urging them to swiftly pay their dues to the private sector and is following up in this regard. The Committee further proposed an amendment on provisions of the Labor Law that takes into consideration special and extra-ordinary circumstances and gives more flexibility for both employer and employee. It also presented to the Council of Ministers a proposal to postpone evictions of tenants in commercial real estate. Lastly, the Committee proposed setting up courts specialized in economic, commercial, and financial affairs in view of the unique nature of this sector and the real need for judicial expertise in this field, especially amid expectations of an increase in disputes in this field that the court system would have to address upon resumption of activity. The Banking Sector: As the financial intermediaries in our national economy and the sector entrusted with the community’s savings, it is vital to maintain financial stability and to encourage the banking sector to extend financing.