cover image: Working Paper

20.500.12592/kxtpp4

Working Paper

30 Jan 2023

The members of the Board of Directors, the monetary policy committee, any other Board committee, and the SBP employees will be immune from the proceedings of FIA, NAB, and the like institutions without the prior consent of the SBP’s Board of Directors. [...] It is contended that the resultant seizure of the Bank’s development role can risk the country’s exports as the exporters remain dependent on the Export Refinance Facility (ERF) of the SBP.16 Moreover, concerns exist that the Amendment puts the SBP in a subordinate position vis-à-vis the International Monetary Fund (IMF) and the United States (US) government. [...] 33 Therefore, the policy document calls for raising the savings rate and enhancing productivity in the agriculture, industrial, and services sectors.34 The optimistic views on the SBP Amendment would suggest that the autonomy of the State Bank augurs well for the country’s long-term growth and development as envisioned in the NSP. [...] The optimistic reasoning suggests that the timing of the Amendment has coincided well with the launch of the NSP, which not only introduced the notion of ‘economic security’ but also placed it at the focal point. [...] Fourth, the grant of immunity to the officials of the SBP from the proceedings of the Federal Investigation Agency (FIA), National Accountability Bureau (NAB), and the like institutions should be reconsidered.
Pages
23
Published in
Pakistan

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