Streaming Media

Media Type

Keynote Address

Publication Date

1-28-2002

Description

I would like to commend the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and its President, Mr. Iftikhar Ali Malik for organizing this Seminar. I consider this as a paradigm shift from the traditional way of the FPCCI presenting a Charter of demands to visiting government officials towards a joint collaborative way of solving practical problems facing the industry. This seminar represents an excellent initiative to explore an issue, which is of utmost significance for the business community. The State Bank has engaged in a continuous consultative process with the business leaders, exporters associations, chambers etc. We have established Credit Advisory Committees at 16 of our offices where the bankers and the business community get together to resolve their collective and individual problems concerning credit, recovery, export finance etc. In addition, we have circulated the draft financial sector strategy paper to elicit the views of the various stakeholders including the Federation. The strategy consists of three main planks. First, the existing nationalized commercial banks (NCBs) and stateowned Development Financial Institutions (DFIs) and specialized banks should be restructured, liquidated and privatized. Second, the private domestic and foreign banks should be encouraged to merge and consolidate into a fewer but stronger and healthy banks. These two planks will foster competition in the financial markets. But the third plank is equally important and that is to strengthen the capacity of the State Bank of Pakistan in regulating and supervising the financial sector.

Notes

Keynote Address at the Seminar on ‘Bankruptcy Law’ organized by the Federation of Pakistan Chamber of Commerce and Industry at Karachi on Monday, 28th January, 2002

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