ISLAMABAD: The Ministry of Finance and the State Bank of Pakistan (SBP) on Thursday showed unanimous optimism over economic growth and achieving fiscal and current account targets despite the regional crisis.

The development comes amid anticipated approval of disbursements worth over $1.2bn by the International Monetary Fund (IMF) on Friday and the scheduled visit of another mission for next year’s budget formulation on May 15.

Testifying before the National Assembly’s Standing Committee on Finance and Revenue, SBP Governor Jameel Ahmed confirmed that the SBP had purchased about $27bn from the market over the past three years, including $4.5bn so far this year, to boost foreign exchange reserves.

He said the expected $1.2bn disbursements from the IMF would take foreign exchange reserves beyond $17bn by the end of the current fiscal year — enough for three months of import cover.

Meanwhile, Finance Minister Muhammad Aurangzeb said that Pakistan had received regulatory approval from China for the inaugural launch of the Panda bond last night, which had already been delayed by more than four months.

“The bond will be launched in the Chinese capital market within 10 days,” he stated.

He said that, despite challenges, Pakistan had been able to raise a $750m Eurobond from the international capital market last month.

The minister said that Pakistan was on track to achieve its key fiscal targets through “prudent fiscal management, improved external account performance, and measures aimed at enhancing investor confidence and macroeconomic stability”.

He reported that Pakistan’s import bill had gone up owing to higher-cost imports of petroleum products. He said the combined additional impact of war risk premium, insurance and oil prices was no more than $1bn a month, and that the overall current account would remain in surplus.

He said exports had also increased not only in April but over the past 10 months. Remittances from overseas Pakistanis and IT exports were also showing sustained growth.

“Despite the Middle East crisis, we are on track to achieve fiscal, primary and current account targets even if the current trend continues,” he said, adding that reserves would cross $17bn by the end of the fiscal year.”

Presiding over the meeting, MNA Syed Naveed Qamar acknowledged these indicators but said the concern was that the gains were being achieved at the expense of economic slowdown.

The minister maintained that his consistent stance had been to pursue a policy of sustainable economic growth.

Governor Jameel said the third-quarter economic growth, currently being worked out, was much higher, at over 4pc.

Growth, he said, was supported by large-scale manufacturing and overall economic activity. He added that growth may slow in the post-conflict phase but would still be higher than last year — around 3.04pc.

“The foreign exchange reserves are growing on a weekly basis despite around $5bn repayments made over the past five months,” he said.

He stated that the current fiscal year would end with foreign exchange reserves of $17bn. He also said the IMF Board was expected to approve Pakistan’s economic review on Friday.

Members of the committee stressed the importance of sustaining economic growth momentum by strengthening exports, diversifying export destinations, and addressing key supply-side constraints to ensure long-term economic resilience and stability.

Furthermore, informed sources said the IMF staff mission was expected to visit Islamabad on May 15 for finalisation of the next fiscal year (2026–27) budget in consultation with the Ministry of Finance, the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), and the Power and Petroleum Divisions of the Ministry of Energy.