To ensure coordinated approach to Basel II implementation, SBP has set up a Working Group under the guidance of SBP to remove obstacles in its smooth implementation. Effective preparation for Basel II requires development of allied and support infrastructure that facilitates need for strengthening and enhancing role of credit rating agencies and development of internal controls and IT systems.
The primary task ahead of us is to focus on strengthening the economy while also preserving the momentum for economic reforms to ensure sustained growth in the long run. The implementation of appropriate reforms by the government and active participation of the private sector, in promoting economic development will be powerful forces in the fulfillment of this challenging task.