The South Asia Payments and SecuritiesSettlement Initiative (SAPI) objective is to describe andassess the payments and securities settlement systems of thecountries of South Asia with a view to identifying possibleimprovement measures in their safety, efficiency andintegrity. To assure quality and effectiveness, the SAPIincludes two important elements. First, all studies areconducted with the active participation of country officialsand the project builds on the existing work being undertakenin the respective countries. Second, the initiative draws oninternational and national expertise to provide guidance,advice and alternatives to current practices. This report,payments and securities settlement systems in Pakistan, isthe first of the public reports in the SAPI series and wasprepared with the active support of the State Bank ofPakistan. Economic developments in Pakistan during the lastdecade have-to a significant extent-been influenced by theGovernment's program for poverty reduction and thedevelopment of markets and the real economy. However, theeconomic development slowed down in 2008 and 2009, as themacroeconomic situation deteriorated significantly owing toadverse security developments, large price increase of somecommodities such as oil and food, global financial turmoil,and national political and security issues. This strongmacroeconomic performance resulted from the implementationof a series of important structural reforms. In the early2000s, the government expanded the role of markets in theeconomy, privatized a number of large state-ownedenterprises, established market-based regulatory bodies, andtook steps to reduce the cost of doing business in Pakistan.
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