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The new year is also the time for clearing debts and setting one's house in order.
The solemn declaration of Cairo was signed by governments which are anything but generous regarding clearing debts and opening up their own markets.
Foreign diplomats said the issue showed a further easing in monetary policy aimed at reviving sluggish industrial output and clearing debts between companies.
The State Council subsequently instituted a nationwide restructuring campaign, and set a Sept. 20 deadline for clearing debt arrears between enterprises.
A directive from Prime Minister Vo Van Kiet accused many state businesses of dragging their feet in implementing government reforms aimed at clearing debts between the firms, the Saigon Newsreader reported.
In the United Kingdom, a simplified IVA (SIVA) was a proposed new form of IVA (individual voluntary arrangement), which would have been a formal alternative of clearing debt without being declared bankrupt.