Governor State Bank of Pakistan Ashraf Mahmood Wathra has emphasized the role of strong and quality institutions, efficient allocation of resources, promotion and protection of new knowledge and infrastructure development in furthering the growth agenda of the state.
The Governor SBP was speaking at the 21st Zahid Husain Memorial Lecture organized by SBP at a local hotel in Karachi. Professor Timothy John Besley the W. Arthur Lewis Professor of Development Economics and Political Science at London School of Economics (LSE), UK, delivered the memorial lecture titled, “State Capacities for Delivering Higher Economic Growth”.
Wathra also highlighted the role of State Bank of Pakistan in solidifying state efforts to achieve a higher and sustainable economic growth in Pakistan. “In fact, SBP is one of the few central banks having economic development as part of its mandated act”, said the governor.
In his lecture, professor Besley shed light on the role of state capacities stimulating economic growth. He defined the state capacities as “the forms of capital, which make the government work more effectively”. He discussed three types of state capacity namely fiscal capacity, legal capacity and collective capacity.