ISLAMABAD (APP) - Acting Governor State Bank of Pakistan (SBP) Yaseen Anwar has stressed upon economic policymakers of SAARC member countries to forge greater cooperation and devise solid strategies in their respective economies to mitigate negative effects of the recent global financial crisis and prepare for the future. He stated this while addressing the South Asian Association for Regional Cooperation (SAARC) Finance seminar on Global Financial Implications and Policy Responses of SAARC Countries, here on Thursday, said a statement. We must prepare ourselves for these possibilities so that we minimize the negative effects these external forces have upon us as the world adjusts to a post crisis world where fears are heightened and confidence remains uncertain, he added. SBP Acting Governor said that SAARC countries must be resilient to these forces and adapt to conform to the new world trade flows so that they maximize the benefits available to them, and minimize the negative effects of economic forces outside their control. Referring to policy responses taken by Pakistan in the wake of global financial crisis, Anwar said that like many other economies, Pakistan was also impacted by the collateral damage of the global financial turmoil. Although the macroeconomic imbalances continued to persist in Pakistans economy over the last few years, the intensity aggravated with the emergence of financial crisis through the trade channels, he said. He said that as a consequence, the country witnessed a short-lived illiquidity strain; the value of the Pakistan rupee vis-a-vis foreign currencies declined rapidly. However, SBP Acting Governor pointed out that Pakistans financial sector as a whole and the banking industry in particular, largely remained immune to any severe hit as experienced by many of the other leading emerging economies. He said that to mitigate the impact of the financial crisis, the country pursued a multipronged policy and it took various internal measures to stabilize the economy, focusing mainly on macroeconomic imbalances and the associated economic vulnerabilities which were created in the past. Particularly, the SBP took proactive measures to stabilize the illiquidity posture in the banking sector which eventually emerged unscathed, despite fears of potential bank-runs that occurred in a number of European countries, he added. Anwar said that Pakistan also signed a macroeconomic stabilization program with IMF which not only helped stabilize exchange rate, but also supported the efforts made for improving the external outlook of the country. These moves to stabilize the banking system against potential problems, also averted them, and maintained the confidence of depositors across the system, he asserted. SBP Acting Governor said that as a consequence of this policy mix pursued in Pakistan during the global financial crisis, the macroeconomic fundamentals for FY1O showed signs of renewed economic activity. Referring to South Asian region as a whole, Anwar pointed out that the crisis triggered a worldwide economic slowdown which resulted into deceleration in exports with the attendant effects, not only in export-oriented, value-added industries themselves, but also in industries across the entire value chain. Yaseen Anwar expressed the hope that reflecting and sharing perspectives on both international and country-specific experiences will help us all to better understand the impacts of the crisis and identify what more needs to be done to mitigate its effects and prepare for the future.