ISLAMABAD, Aug 25: Federal Minister for Finance and Economic Affairs Shaukat Aziz on Monday called on managers of financial institutions both in private and public sectors to be responsive to ever-changing paradigms in the financial markets. “Change is the order of the day and those who don’t keep themselves abreast of the latest developments in their respective areas will be left behind,” the federal minister warned.

He was speaking as chief guest at the inauguration ceremony of Pakistan Industrial Credit & Investment Corporation financial Super Market branch in Islamabad. With the emergence of globalization, things have completely changed around the world and room for reforms remains there, he said, adding,”to keep ourself in the competition we have to be vigilant to the new developments in the financial sector in and outside the country.” Under the reforms introduced by the government, banking sector of the country is doing exceptionally well, Finance Minister said, adding, as far as structural reforms in the banking sector were concerned Pakistan was way ahead among developing countries.

Moreover, macro level economic indicators also prove the fact that country’s economic policies are moving in the right direction.

Banks work as engines of economy of a country and PICIC Bank’s progress, which was set up two-and-a-half-year ago in Karachi, showed how effectively a proactive approach works.

He said Habib Bank would be privatized by the end of this year and structural reforms of the ABL for privatization were also in final stages.