Acting governor of SBP explains criticality of IMF programme

KARACHI: Acting Governor State Bank of Pakistan (SBP) Dr Murtaza Syed has said that IMF bailout program would provide reprieve to the country’s economy. He was addressing a ceremony to unveil a Rs. 75 Commemorative Banknote to mark the 75th Anniversary of Pakistan’s Independence at the SBP Museum, Karachi on Sunday, August 14, 2022.

On the occasion, the Acting Governor SBP also inaugurated the Roshan Pension Plan to augment the lifestyle banking services available under the State Bank’s Roshan Digital Account (RDA) initiative for the overseas Pakistanis.

Dr. Syed commenced the formal proceedings by hoisting the national flag in the presence of officers of the Bank and their families, followed by playing of the national anthem.

Dwelling on the latest economic developments and challenges faced by the economy, Dr. Syed shared his views with the audience. He separated on-ground facts from negative fake news making rounds on social media, and advised citizens to not pay heed on such rumours.

He also spoke on the forthcoming IMF bailout package and Pakistan’s prospects amidst the difficult global environment. He brushed aside perceptions that Pakistan’s economy was in dire straits and said that while the world will undergo drastic challenges in the next 12 months, Pakistan is no exception.

He reminded the audience that the administrative infrastructure in countries like Pakistan is not very strong and resultantly effects of price hike become more pronounced here.

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Dr. Murtaza hoped the crucial IMF bailout program would provide reprieve to the country and Pakistan will not be vulnerable as compared to the countries that do not have the IMF program

Dr. Syed unveiled the design of a special Rs. 75 Commemorative Banknote. He noted that while issuance of coins and postage stamps is a regular feature to mark days of national importance, it is rare for the SBP to issue a commemorative banknote.

It is worth noting that this Banknote is the second such banknote to be issued by the SBP, following the first one issued in 1997 to mark the Golden Jubilee of Pakistan’s Independence.

He also elaborated on the unique features of the Banknote, which features Pakistan’s founding father and mother on the front side and presents a theme of environmental sustainability on the reverse.

Paying tribute to overseas Pakistanis for their relentless contributions towards the country, he also inaugurated the Roshan Pension Plan scheme.

He said that the overseas Pakistanis can now avail the benefits of financial planning for their retirement through RPP. The soft launch of the product will start from August 15, 2022 with collaboration of RDA banks and Asset Management Companies.

In the end, Dr. Syed inaugurated an exhibition of rare photographs of Quaid e Azam and Ms. Fatima Jinnah in collaboration with the Press Information Department (PID). He took a keen interest in the photographs and appreciated the hard work of officials of PID and the SBP Museum.

The banknote is predominantly green, complemented by white shades and some yellowish tone to enrich its appeal. The green colour represents growth and development and derives inspiration from the Islamic identity of the country, whereas the white colour emphasizes the religious diversity of population. The distinctive feature of this Banknote is multiple portraits on its front side.

The personalities to grace the banknote are Quaid-e-Azam Muhammad Ali Jinnah, Sir Syed Ahmed Khan, Allama Muhammad Iqbal and Mohtarma Fatima Jinnah. The Markhor and Deodar tree pictures on the reverse of the Banknote highlights our national commitment to address climate change and its repercussions. Both the Markhor and Deodar tree serve as symbols of the devastation wrought by these changes and call for urgent measures to combat and reverse environmental degradation.

“The Finance Department of the SBP worked tirelessly for the timely completion of currency note’s important project and we all appreciate their efforts,” said Dr. Syed.

Copyright Business Recorder, 2022