State Bank of Pakistan and the World Bank have inked an agreement for Technical Cooperation. This is the first such agreement signed by the World Bank on RAS with any country in South Asia Region.

The signing ceremony held after a meeting between Governor SBP Mr. Ashraf Mahmood and CEO World Bank Ms. Kristalina Georgieva.

SBP Strategic Plan (2016-2020) has been framed and built around to focus on resolution of important issues facing Pakistan’s economy and financial sector.

Continuing Challenges Need Efficiency & Effectiveness

While Pakistan has made significant improvements in its economic fundamentals in recent years, the SBP Strategic Plan has been developed against a backdrop of continuing challenges and a need to foster a greater inter-mediation role for the financial sector.

The technical cooperation program is anticipated to have several components such as Development and implementation of a Risk Based Supervision framework; implementation of an Enterprise Risk Management framework; strengthening of cybersecurity etc.

The program will have an initial duration of three years, with yearly reviews to discuss overall effectiveness of the program, monitor deliverable and the achievement of results.