KARACHI: State Bank of Pakistan Governor Ashraf Mahmood Wathra has said the government is committed to achieving financial inclusion for everyone in the country and the road would be taken with the help of microfinance.
Wathra was addressing the second international conference on economics and finance in Kathmandu, Nepal, titled ‘Promoting Equitable Economic Growth through Inclusive Finance’.
While stressing on the need for promoting equitable economic growth among South Asian countries, Wathra highlighted that the global financial crisis pushed most of the emerging economies into difficult challenges. He stressed that globalisation has increased the need for regional economic and financial cooperation among South Asian countries.
Meanwhile, the SBP governor said dwindling export earnings and receding foreign capital inflows translated into foreign exchange market pressures. “Most of us were challenged while we endeavoured to stabilise our foreign exchange markets due to weakening of exports earnings,” said Wathra.
He hoped that the common challenges faced by South Asian countries would strengthen regional cooperation and contain future downside risks transmitting from advanced economies.
Referring to the strong fundamentals, Wathra recalled that the region is home to around 1.7 billion people, with the youth in majority, thereby giving positive population dynamics to grow fast and providing greater headroom in terms of debt-carrying capacity.
Wathra asserted that Pakistan has kept pace with the changing global trends in policy and practice.