KARACHI: The State Bank has signed an agreement with the World Bank to achieve its six strategic goals set for the year 2020.

The technical cooperation agreement was signed on Saturday. This is the first such agreement signed by the World Bank on Reimbursable Advisory Services (RAS) with any country in the South Asian region.

The signing ceremony was held after a meeting between SBP Governor Ashraf Mahmood Wathra and World Bank CEO Mristalina Georgieva at a hotel in Karachi.

The SBP strategic plan 2016-20 has been framed and built around to focus on resolution of strategically important issues facing Pakistan’s economy and the financial sector.

While Pakistan has made significant improvement in its economic fundamentals in recent years, the SBP strategic plan has been developed against the backdrop of continuing challenges and a need to foster a greater intermediation role for the financial sector.

“The six strategic goals of SBP aim to enhance monetary policy, strengthen the financial system stability regime, improve the efficiency, effectiveness and fairness of the banking system, increase financial inclusion, develop a robust payment system and strengthen SBPs organisational efficiency and effectiveness,” said a statement issued by the SBP on Sunday.

The World Bank’s engagement in the financial sector is a combination of financial advisory, knowledge and convening services, and is complemented by investments and private sector engagement by International Finance Corporation, it said.

Under the agreement, the SBP and the World Bank have agreed on a well-defined work programme, including specific outputs.

The technical cooperation programme is anticipated to have several components, such as development and implementation of a risk-based supervision framework; implementation of an rnterprise risk management framework and strengthening of cyber security.

Published in Dawn, January 30th, 2017