the international monetary fund and other concerned parties cannot afford to be complacent, for to do so is to ask for trouble. to paraphrase a recent piece by larry summers, this is a time when a lack of fear would be cause for concern. 1 this is not the time, therefore, to argue that the international financial institutions have become obsolete. on the contrary ; given what are commonly referred to as “ global imbalances ”, global monetary stability has become even more uncertain, a situation which calls for the fund to safeguard global stability now and into the future. moreover, the seemingly increased prosperity of many developing countries, although typically from very low levels, may tempt the advanced economies to drag their feet in implementing important previously promised initiatives, including the increase in aid to africa l. summers “ a lack of fear is cause for concern ”. financial times 27 december, 2006. by the g8 and pushing for a successful conclusion to the doha round of trade negotiations. failure to fulfil these commitments energetically, and now, risks missing the opportunity afforded by the current favourable global economic conditions to sustain global prosperity. worse still, it would undermine the very dynamic that underpins the current rapid pace of economic growth. in fact, a well known economist, joseph stiglitz, may have exaggerated the current global economic situation, when he described it as being close to having conditions where all countries, including the poorest, can benefit. it is my belief, however, that we are still far from achieving that desirable goal, despite the undeniable rapid speed of globalisation. globalisation and world trade speaking of globalisation, we are aware that, for the most part, it is driven by technological advances that have made diverse means of transport and communication increasingly cheaper. as a national of a developing country, i firmly believe that we should seek to take advantage of the many opportunities offered by globalisation rather than seek to avoid the accompanying challenges. i am convinced that the challenge is to improve levels of productivity as the key to rising living standards ; this is a fundamental truth which i never tire to raise. but how can we maintain this positive approach when so many larger and more developed economies are so wary of some of the effects of globalisation? the scope for avoiding the challenges of globalisation is almost non existent. even bilateral and regional trade agreements may not be favourable to small developing countries such as botswana with a population of only 1. 8 million, given the world trading system

of banks. hitherto, there were only three commercial banks operating in botswana. in 1991, two additional commercial banks were licensed, namely, anz grindlays botswana limited and zimbank botswana limited. a year later, in 1992, the bank of botswana granted unionbank botswana limited, a subsidiary of standard bank of south africa, a banking licence, making it the sixth licensed commercial bank in the country. shortly thereafter, in the same year, unionbank merged with anz grindlays, each with an initial capital of p10 million, to form the bank we know today as stanbic bank botswana limited. director of ceremonies, today, 25 years on, stanbic bank is ranked 4th among the 10 commercial banks operating in the country, in terms of staffing, branch network, capital and deposit liabilities. from a modest beginning, with only 24 employees in 1993, stanbic bank currently employs over 600 staff members across 10 branches, and serves in excess of 80 000 retail and business customers. the bank asset base has grown significantly, from p138 million in 1993 to p12 billion as at december 31, 2016. during the same period, the bank has also consistently made profits ; with its net income after tax increasing from p2. 2 million in 1993 to p192 million in 2016. at present, stanbic bank is regarded as one of the systemically important domestic banks operating in botswana, with a 15 percent market share of total banking industry assets and deposits. distinguished guests, stanbic bank offers a wide range of traditional and innovative corporate, retail and investment products and services including, more recently, like some of its peers, the introduction of on - line and mobile banking services. i have no doubt that these technology - based platforms, products and services will enable stanbic bank to continue to be a significant player in the industry and broader economy, as well as adapt to the emergence of financial technology ( fintech ) operators for the benefit of customers and the economy at large. somewhat uniquely, while embracing technology - based banking, stanbic bank continues to reinforce its position in corporate and investment banking. amongst other awards in the recent past, it was named the best investment bank in botswana in the 2016 europe, middle east and africa ( emea ) finance african banking awards. congratulations, once again. distinguished ladies and gentlemen, another highlight is the evolution of leadership and governance at stanbic bank. notably, the chief executive position was localised in 2008 with the