The people of the country are generally against the proposed amendment in State Bank of Pakistan’s (SBP) Act, 1956. Common Pakistani is of the view that this step is the way towards giving the control of country’s economy in the control of IMF. The economists are calling this step highly dangerous for the sovereignty of the country.
The famous economist, Qaiser Bangali is of the opinion that there is no such example in the present world. He said that this kind of measure proved to be the reason for the dismemberment of great Turkey as the Central Bank of Turkey was also given autonomy. The Turkish army was not given sufficient funds and the government itself was left with an acute shortage of finances.
Qaiser Bangali asked the political parties of Pakistan to divert their direction and should stand against the international financial institutions which are after the sovereignty of motherland.
Meanwhile, Dr. Hafeez A Pasha, the famous economist, rejected the idea of giving complete autonomy to the State bank of Pakistan and said that the Monitory and Fiscal Coordination Board is necessary for the economic stability and sovereignty of the country. He said that Pakistan had made Monitory and Fiscal Policy Coordination Board in 1990 after the successful experience of Bangladesh which did so in 1972 after the amendment in the Act of Central Bank.
In the same way, there is a representation of the government in the board of the Central bank of India, but here, in Pakistan, there is no representation of the government in the board of the State bank of Pakistan at the moment. Dr. Pasha said that the State bank of Pakistan is a national institution that is bound to act upon the economic policies of the government.
Ministry of Finance and State Bank, both can give good results if they work jointly. Dr. Hafeez A Pasha said that State Bank compulsorily be under the National Economic Council, which the premier institution of the country and the bank must be bound to go according to the targets, set by the Council. The governor of the bank must not be kept away from the accountability as the Prime Minister himself is not out of the accountability.