The 43rd SAARCFINANCE Governors’ Group Meeting was held on May 2, 2023, in Islamabad, with Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), chairing the meeting.
The meeting was attended by the Governors of SAARC central banks and other delegates, and Governor Ahmad expressed his gratitude to them for their presence.
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In his opening remarks, Governor Ahmad acknowledged that the SAARC region is currently facing several challenges such as high inflation, slow growth, and pressure on fiscal and external balances, climate changes, and increased poverty rates. He emphasized the importance of regional cooperation and learning from each other’s experiences in addressing these challenges.
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During the meeting, the central banks’ Governors discussed the macroeconomic situation in the region, as well as the progress made on various initiatives under the SAARCFINANCE forum, including database, financial inclusion, collaborative studies, and capacity building. Additionally, two research studies were presented; one study by SBP on the use of unconventional policy instruments by South Asian central banks, and the other by Nepal Rastra Bank on the prospects of Central Bank Digital Currency (CBDC) in the SAARC region.
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On the sidelines of the meeting, the State Bank of Pakistan organized several events, including the flagship Zahid Husain Memorial Lecture, where Dr. Asim Ejaz Khwaja from Harvard Kennedy School spoke on democratizing lending and financial inclusion in emerging economies.
The SBP also hosted the SAARCFINANCE Governors’ Symposium on May 3, 2023, with the theme of “Climate Change and Green Financing: Initiatives & Outlook in South Asia,” which comprised of three sessions; an expert session led by IFC and ADB, country presentations by member central banks, and a panel discussion on “The Role of Financial Sector in Advancing Climate Change Agenda and Green Financing in SAARC Countries.”
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Governor Ahmad stressed the importance of discussing climate change, particularly in the SAARC region, given its vulnerability to the adverse impacts of climate change and its implications on the financial system. The symposium concluded with closing remarks by Ms. Sima Kamil, Deputy Governor SBP, thanking the participants for their valuable contributions to the discussions. The event aimed to foster greater collaboration and cooperation among SAARC member countries and international organizations in addressing the pressing issue of climate change.
