SBP acting governor says IMF programme to provide reprieve to country

KARACHI: Acting Governor State Bank of Pakistan (SBP) Dr Murtaza Syed has expressed the hope that the crucial IMF bailout package will provide a reprieve to the country and Pakistan will not be vulnerable as compared to the countries that do not have the IMF programme.

Speaking on the forthcoming IMF bailout package and Pakistan’s prospects amidst the difficult global environment, the SBP governor brushed aside the perception 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. The administrative infrastructure in countries like Pakistan is not very strong and as a result effects of price hike become more pronounced here, Murtaza Syed told the audience while unveiling a Rs75 commemorative banknote to mark the 75th anniversary of Pakistan’s Independence in a ceremony held at the SBP Museum.

He also inaugurated the Roshan Pension Plan to augment the lifestyle banking services available under the State Bank’s Roshan Digital Account (RDA) initiative for overseas Pakistanis. He 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.

Murtaza Syed 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 Rs75 banknote, which features Pakistan’s founding father and mother on the front side and presents a theme of environmental sustainability on the reverse.

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

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