KARACHI: State Bank of Pakistan Governor Jameel Ahmad said sustained, prudent macroeconomic policies and structural reforms have made Pakistan’s economy more resilient to domestic and external shocks.

The central bank chief highlighted Pakistan’s improving macroeconomic conditions and outlook during meetings with foreign investors from leading global institutions on the sidelines of the IMF-World Bank Annual Meetings in Bangkok, Thailand, from Oct 12 to 17, according to a statement issued by the SBP on Saturday.

Senior executives from JP Morgan, Citibank, Jefferies, Deutsche Bank, Barclays, Bank of America, MSCI, Standard Chartered, and Mitsubishi UFJ Financial Group attended the meetings.

The governor also held meetings with bilateral and multilateral partners, other central banks, and global credit rating agencies, it added.

Jameel Ahmad cites prudent policies, structural reforms at IMF meetings

Inflation has slowed sharply from elevated levels in FY23 to almost within the target range in FY26, despite the significant oil price shock. Real GDP growth, after contracting in FY23, has risen gradually, reaching 3.7pc in FY26 and projected to range between 3.5 and 4.5pc in FY27, he said.

SBP’s foreign exchange buffers have also strengthened considerably, with official reserves recovering from less than $3bn in February 2023 to $21.5bn by Oct 9. Moreover, SBP’s forward liabilities have reduced from over $5.7 billion to less than $1bn.

The central bank’s dollar purchases have largely driven these improvements, while the external debt stock has risen only marginally over the past three years.

The forex purchases were facilitated by an almost balanced current account in FY26. Regulatory reforms, especially those for exchange companies and those encouraging remittances through formal channels, have improved interbank forex liquidity.

“Forex purchases are expected to continue, with the current account deficit projected to remain within 0-1pc of GDP in FY27,” he said.

Pakistan’s fiscal position has also strengthened, with the primary fiscal balance posting a third consecutive annual surplus in FY26. As a result, the public debt-to-GDP ratio has been declining.

Mr Ahmad said that the Staff-Level Agreement with the IMF reflected the continued implementation of the reform agenda, which has improved investor confidence, led to upgrades in the country’s sovereign credit ratings, and facilitated Pakistan’s access to global capital markets despite a challenging global environment.

Published in Dawn, October 18th, 2026