KARACHI: The State Bank of Pakistan (SBP) has announced the next five-year financial strategy called SBP Vision 2020.
SBP Governor Ashraf Mahmood Wathra introduced the strategy, after a flag-hoisting ceremony at the main SBP building. He said that the bank framed the financial strategy every five years and to make the plan more effective, certain safeguards had been included.
“Last five-year financial strategy was also good, but it failed to achieve the desired result due to changes in the SBP leadership over the period,” he elaborated.
“A strong economic system based on strong institutions is the key to progress. No nation can hope to grow without a robust financial system and powerful economy. Despite challenges, Pakistan has managed to establish a central bank and a viable economic system early on. Although Pakistan’s economy has had many peaks and troughs and has even undergone crises, I believe there is still an enormous potential for growth and the economy is now headed in the right direction.”
Wathra said under the Vision 2020 the focus would be on financial inclusion as he regretted that only a small proportion of 34 million out of the total population of 180 million was part of the financial system.
