The Ministry of Finance is actively considering the matter pertaining to rise in petroleum prices in the international market to decide whether the government should continue to bear its burden or to transfer its impact to the general public. State Bank of Pakistan Governor Dr Ishrat Husain said this while talking to newsmen after addressing the 8th South Asian Management Forum-2004 (SAMF) at Lahore University of Management Sciences (Lums) here on Monday.
"I hope the Ministry of Finance would take decision in this regard keeping in view all aspects of the issue," he said.
To a question he said that inflation rate has declined to 8.7 percent from 9.3 percent.
To another question regarding enhancing interest rate, he said that State Bank has been gradually increasing the rate of interest on its treasury bills.
About SAMF, he hoped that it would help member countries to exchange experiences about management.
Earlier, addressing the Forum, Dr Ishrat said that SBP in 2001 embarked upon a major institutional capacity building programme. The Vision statement of the SBP was formulated through broad consultative process involving both management and staff, which is aimed at transforming the SBP into a highly professional, efficient and modern institution fully equipped to play a meaningful role in the social and economic development of Pakistan.
The vision was translated into reality through a strategy of bringing about qualitative improvement in economic policy formulation, proactive supervision and regulation of the financial institutions, prudent management of foreign exchange market and streamlining of the payment system.
SBP's strategic objectives were firmly supported by Management Strategies, to develop an efficient support structure through human resource development, appropriate delegation authority, restructuring and consolidation of the functions, information technology up-gradation, business process re-engineering, improvement of physical environment and adoption of a value system, he added.
An annual series of Change Management Conferences (CMC) has been launched since 2000 when the change management process was initiated in the State Bank, he added. The CMC acts as a forum where the senior management of the SBP gathers to focus on the status of change initiatives. The conference serves as an important tool of self-accountability, as it brings together top management of the State Bank in a consultative, consensus-seeking mode and sets targets for achieving the organisation objectives. Senior management, on a quarterly basis, then reviews the progress made in realise these targets, he said.
Most of the reform initiatives undertaken since 2003 under the capacity building programme are due for completion in December 2004. The most immediate task is now to formulate a 'successor' programme to the last initiative and ensure that the strategic planning process becomes embedded into the regular planning cycle at the State Bank. To facilitate this, a Strategic Planning Unit (SPU) has been set up in the State Bank earlier this year. The purpose of the SPU is to develop a strategic planning framework for the SBP and formulate the five-year plans in coordination with various departments of the State Bank. This year's CMC will be the first Strategic Management Conference.
"We have a long way to go in changing the organisation culture that is strongly entrenched in history and traditions but the human beings are quite rational in thinking and approach," he said.
'Lums' Rector Abdul Razak Dawood and Chief Executive Officer, Unilever Pakistan Musharraf Hai also spoke on the occasion.
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