Addressing a flag-hoisting ceremony on the occasion of Independence Day at State Bank head office, Karachi, Ashraf Mehmood Wathra, governor SBP, said that `SBP Vision 2020'organises activities around the six strategic imperatives which include: enhancing the effectiveness of monetary policy; strengthening the financial system stability regime; improving the efficiency, effectiveness, and fairness of the banking system; increasing financial inclusion; developing modern and robust payments systems; and strengthening SBP's organisational efficiency and effectiveness.
"Five-year Strategic Plan titled, "SBP Vision 2020", has been devised by the management and officers of the SBP after months of ceaseless work. `SBP Vision 2020' has been developed through a participative and consultative process," he added. While preparing a five-year Strategic Plan SBP took the Vision 2025 into account. Moreover, as a part of the process, surveys were conducted of external stakeholders, he said and added that results of these surveys were combined with a global scan of central banking issues and domestic and global economic and financial developments.
"We need to empower all staff members to help deliver SBP Vision 2020 and drive the organisation's change. In this respect, our core values of Integrity, Accountability, Teamwork, Courage, Excellence and Result orientation shall be the focus for further inculcation into the SBP culture," the governor said.
He said that around 50 percent of Pakistan's adult population has no access to financial services such as formal savings, payments, deposits, credit or insurance. Despite efforts, the level of financial inclusion has remained very low, and the need for a new comprehensive national strategy has been recognised. Following extensive development and consultation, the National Financial Inclusion Strategy was launched in May 2015, he added.
He mentioned that SBP Vision 2020 with respect to increasing financial inclusion is closely linked to implementation of the National Financial Inclusion Strategy (NFIS). "The NFIS creates the foundation for SBP, the Government and private sector to implement a comprehensive set of coherent and sequenced reforms needed to make a meaningful impact on financial inclusion in Pakistan," governor SBP added.
He hoped that The NFIS will guide efforts to promote financial inclusion over the coming five years. Wathra said that Pakistan was created for lofty ideals; and winning freedom was the first step in that direction. The real freedom means achieving the goal of becoming a self-reliant nation-one that is able to guard her interests and promote her values. Freedom will really be freedom only when we follow the principles taught by our founding fathers and remain united in confronting the challenges the country faces in its move towards growth shared by all Pakistanis, he added.
"It is our collective responsibility to play our roles to transform Pakistan into a strong, prosperous and thriving country. This may require some sacrifices on our part but if we keep the principles taught by our great leaders in mind, we will have the vision to see that such sacrifices effect great advancement for the future of a nation," he said.
Governor SBP said that a strong economic system based on strong institutions is the key to progress and no nation can hope to grow without a robust financial system and powerful economy. "Despite challenges Pakistan managed to establish a central bank and a viable economic system early on. Although our economy has had many rises and falls and has sometimes seen crises, I believe there is still enormous potential for growth and the economy is now headed in the right direction," he added. He said that the State Bank is one of the few institutions that are the pride of the country. In spite of hazards and challenges, it has made great strides towards the goal of taking the economy to new heights.
Pakistan's vibrant banking industry is an example of the unremitting efforts that the past and present employees of the SBP have been making. "We still have a long way to move forward. There are many, many milestones that remain for us to conquer," he concluded.