Pakistan’s central bank unveils five-year strategic plan to pursue financial stability

Governor of the State Bank of Pakistan, Jameel Ahmad addresses a press conference at the bank's headquarters in Karachi on January 23, 2023. (AFP/File)
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Updated 18 November 2023
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Pakistan’s central bank unveils five-year strategic plan to pursue financial stability

  • The SBP Vision 2028 contains six key objectives including managing inflation and creating digital financial ecosystem
  • The strategic plan was developed through consultation with stakeholders and wants Shariah compliant banking system

ISLAMABAD: Pakistan’s central bank chief launched a strategic plan for the next five years in a ceremony held in Karachi on Friday, saying the document contained the key objectives that the bank planned to pursue to ensure financial stability in the country.

Last year, the government approved the State Bank of Pakistan (SBP) Amendment Bill, 2021, to meet a condition laid down by the International Monetary Fund (IMF) under a $6.5 billion bailout facility to ensure complete autonomy to the central bank.

The SBP Vision 2028 is the first plan since the passage of the amendment bill and has been developed through a consultative and inclusive process with key stakeholders.

Addressing the ceremony in Karachi, SBP Governor Jameel Ahmad maintained the plan would foster price and financial stability and contribute to the country’s sustainable economic development.

“Mr. Ahmad added that evolving risks and challenges to the economy and financial stability, including climate change, rapid digital innovations and disruptions, and growing cyber security threats, have been kept in perspective while developing the plan,” announced a statement issued by the central bank after the event.

“Governor SBP elaborated that the SBP Vision 2028, revolves around six strategic goals that include maintaining inflation within the medium-term target range, enhancing efficiency, effectiveness, fairness and stability of the financial system, promoting inclusive and sustainable access to financial services, transforming to a Shariah compliant banking system, building an innovative and inclusive digital financial services ecosystem, and transforming SBP into a high-tech, people-centric organization.”

He noted these strategic goals were built to cover five cross-cutting themes, including strategic communication, climate change, technological innovation, diversity and inclusion, and productivity and competitiveness.

Pakistan has witnessed major economic challenges in recent years that has forced it to seek external financial assistance from the IMF and friendly nations like China, Saudi Arabia and the United Arab Emirates.

Faced with a precarious financial situation amid rapid depreciation of national currency and dwindling foreign currency reserves, Pakistan managed to secure a short-term $3 billion loan program in July from the IMF to stave off sovereign debt default.


Pakistan police say two militants killed, several injured during gunbattle in northwest

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Pakistan police say two militants killed, several injured during gunbattle in northwest

  • Militants open fire at CTD Bannu team while they were transporting “terrorist” commander Usama alia Daniyal, say police
  • Pakistan has seen surge in militant violence in northwestern Khyber Pakhtunkhwa, particularly Bannu district, in recent days

ISLAMABAD: The Counterterrorism Department (CTD) of Pakistan’s Khyber Pakhtunkhwa (KP) said on Sunday that two militants were killed and several were injured after police repulsed an attack in the country’s volatile northwestern province. 

The attack took place when the CTD Bannu team was shifting a recently arrested “terrorist commander” Usama alias Daniyal alias Baghi to a crime scene to complete the collection of evidence. The CTD said Usama’s accomplices opened fire on the police in Bannu in a bid to rescue him. 

“During the intense gunfight lasting approximately 40 minutes, the in-custody terrorist commander was killed by fire from his own accomplices,” the CTD said.

“The armored CTD vehicle came under fire but all personnel remained safe,” it added. 

Police said another “terrorist” killed during the crossfire was identified as Kamiyab Khan alias Ikhlas Yar. It said Khan was wanted by CTD Bannu for multiple attacks on police and security forces in the past.

The CTD spokesperson said two hand grenades, an AK-47 rifle with two magazines and a mobile phone were obtained from the slain militants. 

“Bloodstains found across the area indicated that fleeing terrorists took their wounded accomplices with them,” the spokesperson said.

“Search-and-strike operations are ongoing to apprehend them.”

The CTD said Usama had earlier confessed during interrogation that he was involved in several crimes, including the assassinations of North Waziristan Assistant Commissioner Shah Wali Khan, former Station House Officer Abid Wazir and three members of the Marwat National Movement group. 

No group has claimed responsibility for the attack, however, militant groups such as the Tehreek-e-Taliban Pakistan or TTP frequently target security forces, law enforcers and government officials in the region.

Pakistan has struggled to contain a surge in militancy in KP, which borders Afghanistan, particularly in Bannu. Two security personnel, including an officer, were killed on Saturday after a suicide bomber rammed his explosive-laden motorbike into a security forces armored vehicle in Bannu’s Sara Darga area, a police official said. 

Earlier this week, Pakistani Taliban militants rammed an explosive-laden vehicle into a checkpoint jointly manned by security forces and law enforcement agencies in the northwestern Bajaur district, killing 11 security personnel among 12 people, the Pakistani military’s media wing said.

Islamabad accuses Afghanistan of allowing the use of its soil and India of backing militant groups for cross-border attacks against Pakistan. Kabul and New Delhi deny this.