ashraf mahmood wathra : strengthening pakistan ’ s economy and financial services speech by mr ashraf mahmood wathra, governor of the state bank of pakistan, on independence day, karachi, 14 august 2015. * * * ladies and gentlemen, assalam - o - alaikum, it is my pleasure and honour to speak to you on the 69th independence day of pakistan. first of all, i congratulate you. the day is celebrated in the memory of those leaders who rendered innumerable sacrifices for the liberty of the nation from shackles of slavery. it was their untiring struggle and perseverance which delivered the fruit of independence for the muslims of the subcontinent. the muslims of the subcontinent followed the call of the quaid - e - azam muhammad ali jinnah and the dream of a new homeland became a reality at a time when it seemed almost impossible to win it. pakistan was created for lofty ideals. to win freedom was the first step in that direction. the real freedom means achieving the goal of becoming a self - reliant nation – one that is able to guard her interests and promote her values. freedom will really be freedom only when we follow the principles taught by our founding fathers and remain united in confronting the challenges the country faces in its move towards growth shared by all pakistanis. it is our collective responsibility to play our roles to transform pakistan into a strong, prosperous and thriving country. this may require some sacrifices on our part but if we keep the principles taught by our great leaders in mind, we will have the vision to see that such sacrifices effect great advancement for the future of a nation. a strong economic system based on strong institutions is the key to progress. no nation can hope to grow without a robust financial system and powerful economy. despite challenges pakistan managed established a central bank and a viable economic system early on. although our economy has had many rises and falls and has sometimes seen crises, i believe there is still enormous potential for growth and the economy is now headed in the right direction. on this auspicious occasion the state bank is launching its five - year strategic plan. we have titled this plan sbp vision 2020. the plan has devised by the management and officers of the sbp after months of ceaseless work. sbp vision 2020 has been developed through a participative and consultative process. sbp took the vision 2025 into account. moreover, as a part of the process, surveys

has increased china ’ s and the people ’ s bank ’ s role in the global financial system. great reserves build - up, smooth sailing during the global recession page 5 of 7 and sustained high growth are all hallmarks of his era. christine lagarde, the imf ’ s managing director, has commended dr. zhou ’ s role in, and i quote, “ successfully steering monetary policy while structural transformation was in full swing, contributing importantly to china ’ s sustained growth to become the second largest economy in the world. ” end quote. 11. dr. zhou is currently a member of the group of thirty ( g30 ) and chinese economists 50 forum, and also holds teaching responsibilities at tsinghua and other institutions. he has written several books and over one hundred academic articles on various aspects of financial and economic policy. some of his important articles, such as “ rebuilding the relationship between the enterprise and the bank ” and the “ social security : reform and policy recommendations ” touch upon development and inclusive growth. i would also strongly recommend his book “ marching toward an open economic system ” to the audience here, as it offers relevant insights about china ’ s successful journey in the age of globalization. 12. given dr. zhou ’ s extensive experience at the highest levels of central banking, as well as his intellectual and research output, i am sure that his unique perspective and insights will be of enormous relevance for developing economies like pakistan. 13. we are therefore delighted that dr. zhou xiaochuan has joined us today as we honor the memory of one of our country ’ s finest civil servants. i would page 6 of 7 like to thank dr. zhou, on behalf of this forum, for taking time out of his very busy schedule and speaking to us here today. 14. i would also like to thank all of you all for attending today ’ s lecture. in keeping with our past lectures, i hope this one will also challenge your beliefs, encourage you to think outside your comfort zone, and hopefully trigger a lively, thoughtful and constructive debate. 15. without further ado, let me now invite dr. zhou to share his thoughts with us. dr. zhou xiaochuan …! - - page 7 of 7