in the dssi, their response has not been encouraging. there has been a notable shift in the creditor composition of low - and middle - income countries between 2010 and 2021. the share of lending by private creditors in long - term public and publicly guaranteed debt was 61 per cent in 2021 ( 46 per cent in 2010 ) and the share of debt owed to bondholders was 47 per cent in 2021 ( 29 per cent in 2010 ). 10. a distinct shift in the creditor base over time in favour of private lenders and nonparis club official creditors has added a new dimension to debt restructuring processes for the low - income international development assistance ( ida ) - eligible debtor countries. the share of debt owed to non - paris club creditors rose to 68 per cent in 2021 from 42 per cent in 2010. the increasing reliance on private creditors has raised debt servicing costs and complicated creditor coordination in debt resolution efforts. during 2010 - 2021, the average maturity on loans from private creditors was 12 years as compared with 26 years for loans from official creditors, and the average interest rate on loans from private creditors was 5 per cent vis - a - vis 2 per cent on loans from official creditors. 11. the role of multilateral organisations, particularly the imf and the world bank, becomes crucial in making debt treatment efforts more effective, while also strengthening the mechanism of recording, reporting and analysis of debt data so as to enhance transparency and preserve debt sustainability. the imf's role in capacity building in the region, with a focus on region specific macro dynamics, policy effectiveness challenges, and economic aspirations of the nations would also be helpful. raising productivity 12. while sustained and broad - based economic recovery remains the current policy focus, it is necessary to undertake deep structural reforms to raise the potential growth trajectories of the economies in the south asian region. ongoing global realignment of supply chains, green transition and advances in technology offer new opportunities for investment and growth, but policies would need to create the congenial climate for attracting new private investment, with public sector taking the lead in areas that can create large positive externalities, such as infrastructure, education, and health. 13. in this context, let me highlight some specific areas of policy priority. first, undertaking desirable structural change would require an improvement in resource allocation – moving production from low productive sectors to high productive sectors and promotion of innovation. second, skill mismatches – a major constraint to resource reallocation – would warrant

how and designing adequate instruments in advance. the payments sector. we believe that efficient and easy - to - use payment methods at a competitive price are key to improved overall competitiveness of the economy and decreasing social or regional exclusion. we have thus designed and implemented measures to facilitate widespread adoption of innovative payment methods – concentrating particularly on instant mobile payments. among the most important steps so far is the provision of open access to our payments infrastructure for non - bank service providers. new players are constantly joining the system – just in the last several days, for instance, three internationally - renowned companies have come on board. such open - access infrastructure allows reducing the new players ’ dependence on banks, providing them with a level playing field and creating an additional source of competition for the established banking sector. this comes hand in hand with payment schemes standardization – creating a one - stop shop for both firms and consumers. this allows eliminating intermediaries and increasing the efficiency and speed of payment chains. standardization helps ensure that individual service providers do not develop incompatible systems, which would fragment the market and reduce their 2 / 3 bis central bankers'speeches competitiveness vis - a - vis commercial banks. trading and investment strategies. these activities have decisively shifted toward systemic quantitative decision - making and minimization of the human factor. the aim is clear – improving the risk - to - reward ratio and increasing efficiency in asset management. questions of artificial intelligence or even quantum computing may seem far from central banking. but again : authorities cannot fall behind in face of critical changes taking place. this is the one and only way of implementing effective regulation. and it is crucial for central banks to master these new paradigms so as to maximize efficiency of public funds management. we have already taken steps in this direction – for instance, we have launched an automated trading project. the central aim of this project is to enhance and diversify the bank ’ s investment decisions by employing cutting - edge automated quantitative strategies. i believe these examples illustrate that the bank of lithuania is aiming to constantly stay not just side by side but one step ahead of the market. our goal is to function as an accelerator of innovative solutions. solutions, which, under the right regulatory regime and supervision, would lead to more efficient and resilient financial markets. wrapping up, these are the principal takeaways from this presentation. firstly, financial innovations can bring benefits for the real economy – for instance, by boosting global trade. secondly, new players in the financial markets create additional competitive