Six Strategic Goals Set up With SBP – World Bank Makes First Ever RAS Agreement With Any South Asian Country

The State Bank of Pakistan (SBP) has established a contract with World Bank to accomplish its six strategic goals which are set for the year 2020. The technical cooperation agreement between the two banks has been formed on Saturday. It is worth mentioning that World Bank has inked an agreement for the first time ever on Reimbursable Advisory Services (RAS) with any specific country in the South Asian area.

At the time of signing the accord, the Governor of SBP Ashraf Mahmood Wathra and the CEO of World Bank Kristalina Georgieva also joined the cermony. The formal meeting and official signing ceremony between the two executives took place at a hotel in Karachi.

Also Read: World Bank agreeing to $1.2 Billion Arrangement for Economic Reforms

Strategic Goals 2016-2020

Strategic plan 2016-2020 of SBP has been designed to resolve Pakistan’s economy and the significant issues which the country is facing on the finance front. It is noteworthy to state that Pakistan has made drastic development on the economic front in the past few years. One of the key factors SBP has built the strategic plan is against the environment of constant challenges that the country is facing. Moreover, there is a massive need to nurture a bigger intermediation part for the financial sector.

According to an SBP statement:

“The six strategic goals of SBP aim to enhance monetary policy; strengthen the financial system stability regime; improve the efficiency, effectiveness and fairness of the banking system; increase financial inclusion; develop a robust payment system; and strengthen SBPs organizational efficiency and effectiveness”

The statement further stated that the involvement of World Bank in Pakistan’s financial sector is an amalgamation of financial advisory, convening services and knowledge. Moreover, it is also supplemented by investments and private sector participation especially by International Finance Corporation.

Quick Read: Pakistan’s GDP growth projection increases to 5.2% in 2017, declares World Bank

The technical collaboration between the two banks to achieve strategic goals is likely to have various components which include:

  • Development and execution of a risk-based supervision model
  • Application of an enterprise risk management outline
  • Solidification of cyber security

Through the agreement, SBP and World Bank have mutually nodded on a definite work programme with precisely designed outputs.

Source: Dawn

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