State Bank of Pakistan (SBP) Governor Dr Reza Baqir said on Wednesday that the country's economy has turned in the right direction and will achieve the goal of growth and prosperity, if constantly grows in this direction. Addressing the flag hoisting ceremony on the eve of 73rd Independence Day of Pakistan at SBP head office, Baqir said that presently the country is facing a number of challenges as the economy has weakened, inflation and unemployment are on the higher side and the masses are facing uncertainty. However, he said that now these conditions are steadily changing and moving towards improvement.
"The economic reform agenda, that Pakistan's economic team is implementing, is bringing stability to the country's economy. Some stability has already been witnessed and based on these reforms the country will get a long-term economic growth which will benefit low income and middle class," he added.
The SBP Governor said that the conclusion of my 20 years experience with the IMF and the World Bank is that when a nation faces difficult problems and challenges they need great courage to solve them. "In my experience, the countries, that moved ahead with courage and faced difficulties, always succeed in reforms and policies," he said. In other words, he said, continuity in economic policies is our biggest challenge and if there is continuity in the policies, no doubt that our future is bright.
Baqir said that the State Bank is one of the most important and reputable institutions of the country and despite the many difficulties, the State Bank has accomplished many achievements to bring the economy to the new heights.
Pakistan's vibrant banking industry is the result of the constant work of former and current employees of the State Bank, he said. "On this Independence Day, we have to reiterate this commitment to build the country with the same spirit of service in the future," he added. He said that at the time of independence, Pakistan faced many difficulties and in 1947 we did not have our own Central Bank. Therefore, in the initial few months of independence, the Reserve Bank of India was controlling Pakistan's money supply. "This was a major problem and later the State Bank of Pakistan was established in 1948 and Pakistan printed its own note. The establishment of SBP and printing of own currency note was a declaration of economic independence and sovereignty," he added. In his speech, Governor SBP paid tribute to the founder of Pakistan Muhammad Ali Jinnah and said that Quaid-e-Azam's leadership and wisdom led to the creation of the first ideological state of the world. He said that the leaders and workers of the Tehreek-e-Pakistan also deserved tribute as we gained freedom due to continued struggle of these people. Later, Dr Reza Baqir hoisted the national flag at the head office.
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